Created in 2013 by Jackson Palmer and Billy Markus under the name ‘Dogecoin’, this digital currency is actually a as a joke appeared. So much so that it is known that the duo tried to make this project as absurd as possible.

Featuring the image of a Shiba Inu dog, a ‘meme’ (humorous image) on the Internet, this crypto-item is used for humorous purposes and to refer to Internet culture, almost beyond a small community. no one takes it seriously It was a project.

So what happened next and why did the market value go crazy?

In fact, one of the most important factors in the Dogecoin story is that It was the formation of a strong and connected community.

To explain, Like Reddit and X Dogecoin, whose name quickly became heard on social media platforms, attracted the attention and sympathy of users because mining activities were easy and cheap.

In such a short time, the Dogecoin Reddit channel reached 19,000 users and Dogecoin’s value increased by 300%.

However, after a while, the community got a big shock when the Dogecoin wallet provider DogeWallet was hacked and 11 million Dogecoins were stolen.

The community helped the victims by starting a campaign called “SaveDogmas” and 15 million Dogecoin donations were collected.

Especially the Dogecoin community on Reddit, in the future Contribute to other social projects This paved the way for further recognition of the crypto asset.

He delivered the coup de grace by attracting the attention of household names like Elon Musk!

Dogecoin, and especially Elon Musk in the future With the support of several celebritiesgained much popularity.

Musk started posting positive messages about Dogecoin in 2018 prompted investors to invest in this asset and the value of Dogecoin increased by leaps and bounds.

In this way, Dogecoin was made available to a large audience, and in 2021, Musk’s posts estimated the value of Dogecoin at around Increased it by 800%.

Today, the market value of this crypto asset, which emerged as a joke, is $100,000, according to CoinMarketCap. 17 billion dollars!

In other words, the main reason why the value of this cryptocurrency, which is not actually based on any significant project, has reached billions of dollars is that investors ask for this good.

If we see rising prices due to increased demand, Hoping that prices will rise further We can also call it the avalanche effect created by millions of investors who want to get a piece of the pie.

Normally, the relationship between supply and demand is one of the most important factors in valuing an investment real value of the investment The rapid rise in the value of this crypto asset, which was intended as a joke and had no project, is actually irrational investor behavior appears as.

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