A crypto that started as a joke based on a meme is now officially listed in the Binance Exchange. Dogecoin, known for its iconic Shiba Inu with the moniker of the “Doge”, is now listed on Binance and can be traded with five trading pairs.
As knowyourmeme put it –
On February 23rd, 2010, Japanese kindergarten teacher Atsuko Sato posted several photos of her rescue-adopted Shiba Inu dog Kabosu to her personal blog. Among the photos included a peculiar shot of Kabosu sitting on a couch while glaring sideways at the camera with raised eyebrows (shown below, right).
It soon became viral and led to programmer Billy Markus from Portland, Oregon, creating a joke crypto that he hoped would reach a broader audience than Bitcoin. It was based on Luckycoin which was in its turn based on Litecoin. The cryptocurrency gained substantial following and jumped 300 percent in value after the Bitcoin boom in December of 2013. However, it crashed along with the rest of the cryptocurrencies after the Chinese Ban on cryptocurrencies.
Dogecoin took a hit on 25th December 2013 when millions of coins were stolen by hackers who targeted the online cryptocurrency wallet Dogewallet. The Dogecoin community rallied together, however, and donated enough coins to cover the number of coins stolen. This initiative was called “SaveDogemas” and is representative of the culture that surrounds this coin. It is at once completely joking and absolutely serious! The community also donated $50,000 to the Jamaican Bobsled Team that had qualified for the Sochi Olympics but could not afford to attend. This is in keeping with the movie cool runnings which had a similar storyline.
The dogecoin network was earlier supposed to be limited to 100 billion coins but was later changed to be unlimited. The current market capitalization is at $450 million.
Dogecoin (DOGE) will be available for trading in these pairs: DOGE/BNB, DOGE/BTC, DOGE/USDT, DOGE/PAX, and DOGE/USDC.
The cryptocurrency has seen an unprecedented growth since its inception that has baffled the community itself. It is a crypto that doesn’t take itself too seriously but is found to be giving the serious players some healthy competition. It currently ranks 27th on the most used cryptocurrency list and beats Basic Attention Token (BAT), Bitcoin Gold (BTG) and other important crypto.
The recent announcement was even mentioned by the CEO of Binance Changpeng Zao –
This one is an exception, as there isn’t much new tech development (I guess it was never about the tech for this one). The users/community is large, and a famous “ex-CEO” (cough @elonmusk) helps!
This was in reference to the time that the community had voted for Elon Musk to be their CEO in a twitter poll. The dogecoin twitter account then posted this tweet!
Dogecoin has remained stable for a long period of time sustained purely by its community. It has no public company endorsements or any sustained private corporation support. This speaks to its place as a truly decentralized and alternative currency. We hope that dogecoin continues to do well in the future!