“What is Behind the Popularity Surge of Dogecoin Today?”
Dogecoin, a cryptocurrency featuring the face of a Japanese Shiba Inu dog, has become one of the most popular coins since its launch as a fun version of bitcoin in 2013. Its creator, Jackson Palmer, attributes its success to being a cleaner image of cryptocurrency than bitcoin, which was then being stigmatised due to claims it was being used for money laundering and drug purchases. In 2014, DOGE gained the saying “Do Only Good Everyday” on Reddit. Several charitable-aid initiatives have rallied around Dogecoin, including donations to the Jamaican bobsled team at the Sochi Olympics in 2014 and to charity: water, which went on to build two water wells in Kenya, raising a total of $50,000 in Dogecoin.
Since then, Dogecoin has become the most popular cryptocurrency for micro-tipping services due to its association with online memes, which also contributed to its recent price surge following a viral challenge on social media. Critics have raised concerns over Dogecoin’s high concentration of wealth in a few hands, with approximately 20 Dogecoin wallet addresses owning over 50% of its circulating supply. However, the growing interest of small investors in cryptocurrency investment and trading apps is enabling the rise of meme coins like Dogecoin.