Get to know the true story of Dogecoin,
the cryptocurrency of the little dog
most famous of the internet!
Fanaticoins, your digital magazine for crptomoedas
Dogecoin was released
on December 6, 2013
from a joke by Jackson Palmer,
Adobe product manager at
Sydney, Australia, which has decided to play with
the launch of the growing number of cryptocurrencies.
He tweeted that he was investing
in a cryptocurrency called Dogecoin.
Palmer, took a step further and after a short time
of their publication registered the domain “dogecoin.com” by placing a currency on the home page in
relief with the photo of the little
dog that gave rise to the meme “doge”.
He added a note saying, “If you want to make Dogecoin a reality please get in touch.”
A few months later…
Billy Markus who was developing his own cryptocurrency, with the name “Bells”,
was interested in the proposal and got in touch with Palmer,
who together decided to
turn Dogecoin into a true
cryptocurrency, based on the blockcock of
Bitcoin, and extracted in the same way.
The Dogecoin name was inspired by the
“Doge,” a popular internet meme based on
photo of the Japanese kabosu,
Shiba Inu, from a photo
published in 2010. The original
photo was published on the blog of
Atsuko Sato, a 51-year-old kindergarten
teacher and tutor at Kabosu,
with the intention of making people aware of the existence of the so-called “toy factories”.
In the photo that gave origin to the
meme “doge”, slang in English for “dog”,
the little dog appears sitting on the sofa with
the paws crossed and looking at the
camera with the shadows they raised
The Dogecoin network was originally
planned to produce 100 billion Dogecoins,
but later it was announced that the Dogecoin
network would produce endless Dogecoins,
unlike the deflatoria cryptocurrencies,
which have a limit on the number
of coins that can be produced.
On December 19, 2013,
Dogecoin jumped almost 300% in the
value in just 72 hours,
rising from U $ 0,00026 to U $ 0,00095.
This growth occurred during a period of
in which Bitcoin and many other
cryptocurrencies were recovering from a
decline in value following a decision
by China to ban Chinese banks from
invest in the Bitcoin economy.
Three days later Dogecoin experimented with
first major fall falling 80% due
to this event and large pools of
that took the opportunity
to explore the
computing capacity needed at
the time to mine the cryptocurrency.
On December 25, 2013, the first
major robbery of Dogecoin occurred,
when millions of coins were stolen, during
an invasion on the platform of the wallet,
The hacker gained access to the
file system and modified the
sending and receiving to send
all coins to a static address.
This hacking incident increased tweets
about Dogecoin, making it the most altcoin
mentioned on twitter at the time although
it referred to a very negative event.
To help those who lost funds in Dogewallet
after hacking, the Dogecoin community
initiated an initiative called “Save
Dogemas” to help donate currencies
to those who had been harmed.
About a month later
enough money was donated
to cover all the coins that were stolen.
In January 2014 the volume
of negotiations of Dogecoin
briefly overcame that of Bitcoin,
and of all the other cryptocurrencies together,
however, its market capitalization
remained well below Bitcoin.
On January 25, 2015,
Dogecoin had a market capitalization of
market of US $ 13.5 million.
Even in early 2014, a British man with
the name of Alex Green, founded an
exchange called Moolah to promote
dissemination of Dogecoin.
Green began to distribute
generous amounts of
Dogecoin to cause community
involvement including sponsorship of a
Nascar racing driver Josh
Wise, still little known.
On May 4, 2014 Wise ran
with a painting scheme
sponsored by Dogecoin at Aaron’s 499, reaching to reach fourth place during the race,
but finishing in 20th place,
his second best result at the time.
Moolah, the exchange
created by Alex Green, began
raise funds for different campaigns
through the Dogecoin community,
raising more than US $ 750 thousand.
Several of the main actors in the
Dogecoin community, including Palmer and
Markus questioned Green’s motives.
In October 2014, Moolah, the exchange,
suddenly ended its activities
injuring hundreds of users,
and Green disappeared.
After three years of investigation by the police
and the collaboration of an ex-girlfriend,
Mr. Alex Green, who was actually
Ryan Kennedy, was arrested,
accused of stealing 1 million pounds
in Bitcoin, money laundering and fraud.
Every episode of Moolah left an unpleasant taste
in the mouth of the founders of Dogecoin,
Palmer and Markus, who left the community
after successive negative events
being the latter for the fuse.
Today, Dogecoin is still considered one
of the main cryptocurrencies in the market,
being among the 50 most important by
volume transacted and capitalization
and present in the main
exchanges, even after many events
negatives that haunted its history, did not
have a real use case and the decision to
there is no limit for generating
coins in your blockchain.
Palmer, the creator of Dogecoin, is a bit
eccentric, he had created a YouTube channel
making videos all week talking
about technology and Blockchain, but
now has left this channel private. And
also had a Twitter account that also left
this private account. He recently
reported that they do not have any
Dogecoin in your wallet.
Billy Markus is still a software engineer, but he left the spotlight
He does regular tweets using
the name Shibetoshi Nakamoto.
Kabosu, the doge, lives well,
healthy and very happy, at the age of 13.
*** music *** (who let the dogs
out, who let the dogs out…
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