Yes, that dog meme from years ago is now a cryptocurrency. Companies such as Tesla are now accepting Dogecoin as an official payment, but how did this happen? How did a meme from years ago turn into an alternative to bitcoin and other cryptocurrencies?

What even is a cryptocurrency?

A cryptocurrency is a digital version of currency, meaning it’s all online. You can buy crypto, and then sell it once the value has gone up. Think of it like buying stocks, but you can also use those stocks to buy stuff. Crypto is also completely untraceable, making it appealing to some but also a very dangerous tool as people can hack into others accounts and steal the currency, which could be worth hundreds of thousands of dollars.

Where did Dogecoin come from?

Dogecoin (pronounced Doje coin with a soft “e”) was actually made as a joke. Made back in 2013, engineers Billy Markus and Jackson Palmer made Dogecoin to make fun of cryptocurrencies, however it turned out they had created one of the biggest cryptocurrencies in the world. Quickly, Dogecoin grew a huge online fandom, eventually getting SpaceX and Tesla owner Elon Musk to join in. Other celebs also endorsed the coin, such as Snoop Dogg and Gene Simmons. Dallas Mavericks owner Mark Cuban announced that the team would allow fans to purchase tickets using the coin.

Is Dogecoin a joke?

This is a very real question, as a coin based off a meme doesn’t sound too serious or valuable. The answer to the question is yes and no. It is a joke in the sense that it was made to poke fun at other cryptocurrencies, but its value is 100% real. You can buy stuff using Dogecoin, so that makes it a valid and serious crypto.

Conclusion

Dogecoin may never reach the peak of other crypto such as Bitcoin and Ethereum, but it will always have its niche fanbase.