Yes, you read it right. Dogecoin was indeed a prank coin that was created after a dog meme which surfaced on the internet circa 2013. Pretty much everyone was doubtful about its future and even the creator would have thought that this coin would ever make him a multi-millionaire. Fast forward to today, it happens to be one of the most popular coins in the market, which at one time was worth as high as US$2 billion during the height of the market.
Let’s face it – no token can be successful without its community. Dogecoin is no different. It prides itself as being one of the most community-driven coin. Simply visit Dogecoins’ Reddit and Twitter, and you’d understand why. Not only have ardent fans turned Dogecoins into a tipping coin, but memes have literally dominated all the conversation boards and chat rooms. Dogecoin fans even successfully funded a sports team in the earlier days – that was how influential it was (and still is).
As such, the community have turned Dogecoin from a joke to a living, breathing organism which works as a marketing dynamo – pushing the brand and coin value upwards.
Ever since its launch, Ethereum has been taking keen initiatives to turn the usage of cryptocurrencies into mainstream. Earlier this year, in an attempt to advance the measures, Dogecoin became a part of TrueBit, which happens to be a scalability project, hosted by Ethereum. Under this project, a test was conducted which allowed Dogecoin to be sent over the Rinkeby testnet to become a discrete asset over its blockchain – enabling users to convert Dogecoin into ERC-20 token, and vice-versa. This news attracted an influx of investors who before only thought of Dogecoin as a joke.
Perhaps one of the most ignored fact is that this ‘prank coin’ has stayed in the market for about 5 years now. Several competitors with even better business models have come and gone. If there’s any doubts that community is the main driver of success for cryptocurrency – Dogecoin should be framed up for everyone to see.
Cover photo by: blog.coinpayments.net
Journalist and Blogger. Azeem has a keen interest in blockchain technology and he frequently writes about different applications and services to make the general public aware of blockchain's extensive utility in daily life.