Dogecoin, the meme cryptocurrency that aspires to be a global payment mechanism, has gained popularity in recent years primarily as a digital tipping tool for sending small amounts of money.
Billy Markus, co-founder of Dogecoin, believes the dog-themed cryptocurrency has a bright future because it is poised to fix the internet.
As the Internet of Things grows in popularity, there is an increasing demand for real-time tiny payments with minimal transaction rates.
Dogecoin, the original meme coin created in 2013 as a riposte to bitcoin by Billy Markus and Jackson Palmer, has swiftly gained in popularity as a popular mechanism for facilitating frictionless microtransactions throughout the internet.
Dogecoin, according to Markus, also known on Twitter as Shibetoshi Nakamoto, will fix the internet. In a tweet on February 4, he stated that the cryptocurrency will become the world’s standard micro-transaction platform.
Markus is not the only one advocating for further success for the cryptocurrency. Elon Musk, CEO of Tesla/SpaceX, stated in May that Dogecoin would hands down defeat bitcoin if its block time and block size were increased by 10x and fees were reduced by 100x. Throughout 2021, Musk was a vocal promoter of Dogecoin, and his regular tweets pushed the price of DOGE higher.
Musk has also been working with Dogecoin developers to make the joke cryptocurrency more simple and affordable for regular purchases such as movie tickets and a cup of coffee.
The dogecoin price has recovered 7.57 percent in the previous 24 hours, reclaiming the $0.15 support level. However, at the time of publication, the cryptocurrency has retraced little to $0.1493.
In another tweet, Markus reported that he only has 220K DOGE and that dogecoin was “flirting with its old companion 15.” In response to a Twitter user who expressed optimism about a trend reversal, the dogecoin co-creator stated that he prefers to stay pessimistic in order to psychologically prepare for a hypothetical absolute apocalypse situation.
On May 8, 2021, DOGE reached a lifetime high of $0.731578. That pinnacle, however, would not last long. Markus also commented on this, indicating that the flirtation with 73 cents was brief.