In the beginning, there was Bitcoin (BTC). Every other coin besides BTC is referred to as an altcoin. Coinbase Dogecoin is one of the earliest altcoins, along with Ethereum, Litecoin, Namecoin, and Peercoin. Now, you can buy, trade, and exchange Dogecoins on Coinbase and Coinbase Pro today.
Dogecoin Began as a Joke
Then, in 2013, Dogecoin was minted for the first time by Jackson Palmer and Billy Markus. It was created from an internet meme based on a skeptical Shiba Inu (doge is how Japanese show dogs spell dog).
Built as a variation of Litecoin, Dogecoin was introduced originally as a joke currency. Doge is now bona fide with an official code of DOGE and the currency symbol Ð. Though launched in 2013, the Dogecoin didn’t join the Coinbase family of cryptocurrencies until May of 2019.
With the honor of being listed in the top cryptocurrency exchange, Doge is no longer a joke. What makes dogecoins pretty unique amongst cryptocurrencies is that there are no limits as to how many coins can be mined. Bitcoin has a cap of 21 million coins total.
When it was first designed, dogecoin mining was limited to 100 billion coins. Palmer removed the limit in February 2014. As a result, it is defined as an inflationary coin. And because of its shorter blockchain creation time, doge has innumerable coins in circulation.
Coinbase Added Dogecoin to its Exchange
Until last year, the Coinbase Wallet supported Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, XRP, Stellar Lumens, ERC20, and ERC721—but not Doge (DOGE). Now, there’s over Ð 126 billion in circulation.
Coinbase and Coinbase PRO have timed it perfectly as market and currency volatility tend to benefit cryptocurrency. While altcoins tended to fall far behind Ethereum and Bitcoin in the past, even funny ha-ha coins like Doge are in extreme demand. Doge has experienced an extreme resurgence in demand and popularity, competing with commodities and the stock market.
TikTok Pumps Dogecoin on Coinbase
While Justin Timberlake brought sexy back, it wasn’t until the Dogecoin Tiktok Challenge caught on via young TikTok users that the value of the stagnant, uncool, joke coin jumped in value. The 50 percent increase cam after the most popular video with the hashtag #DogecoinTiktokChallenge received more than half-a-million views with pump-it-up appeal:
“Let’s all get rich! Dogecoin is practically worthless. There are 800 million TikTok users. Invest just $25. Once the stock hits $1, you’ll have 10 grand [$10,000]. Tell everyone you know.”
And while it never made it to $1-per-coin, it did revive Dogecoin from the dead and drove a tsunami of young people to Coinbase. It proved the simplest way for a crypto newbie to buy their first cryptocoins and get their hands on their first shiny Doge coins.
Dogecoins are Not a Joke Anymore
With the advent of global pandemics, civil unrest, and a modern great depression, investors don’t feel as comfortable putting their money in government fiat current. Instead, they’re looking for something much more portable and anonymous. They also want it to be distributed more than heavy physical gold or cash. Cryptocurrency meets those requirements.
And since no good investor puts all their eggs in one basket, the renewed popularity of the humble Dogecoin is pretty attractive as an investment for HODLers and traders alike.