How Dogecoin Went from Meme to 4th-largest Cryptocurrency?

Created in 2013 by Jackson Palmer and Billy Markus to parody the growth of altcoins, Dogecoin emerged  as a joke, turning an internet meme into cryptocurrency.

Although it was created as a joke, it actually led to some practicality as its large display and low price facilitated small effective content on social media. It is derived from Luckycoin which was forked from Litecoin and uses the Scrypt algorithm.

Dogecoin has 1 minute intervals which makes it faster than other block chains. There is no cap on supplying coins so the coin can swell to infinity. CoinDesk also provides a range of enterprise level price indicators.

On Sunday, Dogecoin rose 0.59% to $0.372831 with a market cap of $48.38 billion.

Dogecoin has surged more than 14,000% in the past year, in a peak period that surprised even the cryptocurrency community and gave it the sixth largest market cap.

Its gains have been cited as an example of the power of traders, and the relatively loose monetary policy the Federal Reserve and other central banks practiced to beat COVID-19 economic damage, in addition to the appeal of memes in a world where internet and social media appear to be more valuable than gold and bank notes.