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Dogecoin, Elon Musk’s Favorite Cryptocurrency, Turns 8. Here’s How It Has Performed This Year

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Mon, 12/06/2021 - 20:08
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Alex Dovbnya
The original meme coin has turned eight
Dogecoin, Elon Musk’s Favorite Cryptocurrency, Turns 8. Here’s How It Has Performed This Year
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Dogecoin, the meme coin that started it all, has already turned eight, becoming a major player in the crypto industry. 

In May, the joke cryptocurrency, which was launched by Billy Markus and Jackson Palmer on Dec. 6, 2013, to ridicule altcoins, was worth over $90 billion in early May after experiencing a massive rally.

With the help of high-profile proponent Elon Musk, other celebrities and incessant media coverage, Dogecoin had surged an eye-popping 17,000% in just four months in early 2021, captivating the entire investing community.

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The Bitcoin parody has also inspired a whole bunch of copycats, with Ethereum-based Shiba Inu becoming its most prominent knock-off and stealing the top dog’s luster in October.

Dogecoin is down 76.1% from its all-time high, but it is still up a staggering 6,943% since the start of the year, making its long-term holders part of the crypto nouveau riche.

Markus, who now frequently interacts with Musk on Twitter, claims that 2021 has been his second strangest year because of Dogecoin.   

Palmer, however, is unlikely to celebrate the birthday of the joke cryptocurrency he co-created since the Australian programmer abandoned the community a long time ago. In a July tweet, he claimed that the crypto industry was controlled by “a powerful cartel.”

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.