"Dogecoin" .. the story of a prank that turned into an investment worth 70 billion dollars
February 5, 2021 is a fateful day for "Glubber Contesoto", an American young man in his thirties who works for a music production company in the bustling city of Los Angeles. On this day, Contesoto decided to take the suicidal step that all his friends had warned him against, which was to invest all the money he 
had, which amounted to $180,000, not in trading or in bonds. stock market, or investment in it. real estate or any other investment activity, but investing in the purchase of a digital currency It was not widely known at the time, known as Dogecoin. The digital currency "Dogecoin" bought by "Contisuto" at that time was 4,5 cents. But after two months, and more than 69 days later, the price of the coin increased by 400%, reaching a price of 45 cents, which released Globber Contessoto in a video on YouTube announcing that he became a millionaire in just 69 days. , and that his wealth in this short time has reached the ceiling of two million dollars, against an investment of only $180,000.
Herself, that he used his money that it says is the result of the digital amount that says he will be in the most important examples of the growth of mouth the market of this amount of money in the log time. (1 2)
At first watching, as well as the number of statistics, the whole story is close to sports, as well as fun. But the most amazing thing is that the truth says that it started - really - in sports, then the sport became one of the biggest billionaires in the world today.
In 2013, there is no voice in the world of business and money that is louder than that of digital money, those who make money are starting to show fear in the world - at that time, of course -, and everyone is divided about them in 'middle impatient, cautious and fast, even if they are useful at the time is modest Very generally, but it is clear that the rise of these funds will be forever to change category of financial transactions in the world, which is actually done in a few years.
And like any other thing that people value, a person will come out of the place where the insult is taken. So did software engineers Billy Marcus, who works at IBM, and Jackson Palmer, who works at Adobe. Of course, they did not meet on the ground, but they agreed to start a virtual "offense" of digital currency with the aim of reducing Bitcoin and other digital currencies that began to appear at that time.
What happened is that in 2013, there was a cute "meme" of a cute Shiba Inu dog named "Doge", and it was used to say rude things about all kinds, sleeping, eating, food, to speak. geological research, and others. The engineer Jackson Palmer raised this meme - a follower of cryptocurrency news - and saw it as a game that coincided with the rise of cryptocurrencies, so he posted a tweet on Twitter saying: "Invest in Dogecoin, I'm sure that would be it. next big thing! A week later, despite the fact that there was no cryptocurrency in the name before, and the words that circulated in support of his insulting tweets, Ballmer bought a domain called "Dogecoin.com" which went viral and Reddit community (A large. global forum dedicated to electronic discussion). Later, Ballmer contacted his partner Billy Marcus - an engineer at IBM - who had already started a personal project before starting digital money, but the project was not finished and it was not written to appear. Therefore, "Billy" saw his share with Palmer, as a kind of participation in the "celebration of irony".
The two partners met, the first through a satirical idea and the latter by participating in his program for digital currency, the satirical Dogecoin - called "Doje Coin" in the House of Thirsty - started with its logo featuring the faces of famous people. dog, and this in December 2013. (3, 4)
After the launch of the virtual currency in 2013, the community "Reddit" had the greatest influence on spreading money and limiting its use, so, according to Business Insider, the community was approved for the creation of a market for trading "Dogcoin". which amounted to $ 8 million, and a total of money in the form of an online "tipping" tool that users give each other in exchange for certain activities, such as sharing good ideas or making a good platform, in center of others. Or, as Palmer himself puts it, "something to be thankful for, or a beautiful gift." Over the course of 2014, the treatment of "Dogecoin" currency increased dramatically as a gift currency of modest value, and it spread widely, to the point that the founders of the currency were surprised at the summer of 2014 by large banner ads announcing the digital currency in various places, and they - and they are the founders - They describe this spread as senseless and unrealistic.
And with the advent of 2015, Jackson Palmer - the owner of the idea and the founder of the currency - announced that he had decided to retire from the entire digital currency community, followed by his partner Billy Marcus, who sold all his Dogecoin holdings in 2015 for a pittance to buy a used Honda Civic! (5, 3,
In the following years, specifically from 2017 to the beginning of 2018, the currency "Dogecoin" experienced a gradual increase, until its price reached $ 0.017, leading to the market capitalization (the price of the digital currency as a share it) and two billion dollars. .
With the gradual increase of small amounts over time, in April 2019, something like a small event happened suddenly, but it changed the landscape a lot. A short tweet written by the famous businessman and billionaire, the founder of "Tesla" and "SpaceX", Elon Musk, in which he said: "Dogecoin may be my favorite digital currency, it's good!"
With the arrival of 2020, the matter began in a more serious way, when Musk posted his famous tweet in July 2020, which shows the storm in front of the famous Dogecoin currency that wipes out the dog's head "process world currency" says. and images like these: "The future is impossible", a tweet that attracted the attention of millions of people around the world supporting Elon Musk's support for the controversial digital currency. At the same time, "Trend" appeared in the short video network "Tik Tok", calling for an increase in the value of the currency "Dogecoin", to reach one dollar for each coin.
But when 2021 rolled around, something changed that was nothing short of absurd. In January 2021, the price of Dogecoin increased by 800% in an instant after users publicly announced it on the Reddit platform. In February, the price of Dogecoin hit $0.08 after several celebrities announced its use, including Elon Musk, Snoop Dogg, and Gene Simmons. In March, Mark Cuban, one of the American businessmen, announced that fans of his football club can buy their tickets with Dogecoin, while Elon Musk announced in the same month that it is possible to buy Tesla electric cars from the controversial digital currency he announced. his support for. (3, 4, 6)
In April, it was announced that Dogecoin, along with other cryptocurrencies, will be listed on the Coinbase cryptocurrency exchange, skyrocketing its value by 400% in one week, with a large trading volume of 70 billion dollars in 24 hours, which made The market capitalization of the currency has jumped to $ 50 billion, and its rise to occupy the fifth position in the list of the most valuable digital currencies. And with the advent of May, more precisely the fourth of the month, it was announced that the Dogecoin currency reached a value of $0.50, which means a 20,000% increase in its value. These insane heights had the world waiting for billionaire Elon Musk to appear on Saturday night live, talking about "Dogecoin", saying it's a currency full of noise, and advising everyone to trade in-the-money but "with caution", which led to a temporary dip and then a return to the upside in the value of the currency after it was declared. Musk later announced that his company, SpaceX, has agreed to launch a new mission to the moon called "Doge-1", which will be paid for entirely by Dogecoin, saying that his company will invest in Dogecoin - literally - on top of. moon (13)
And in the middle of May, Elon Musk announced his controversial decision, which is seen as the next step for his favorite currency, "Dogecoin", in support of his company, "Tesla". is for developers.
As of this writing, the market price of Dogecoin has reached between $60 to $70, a market value that exceeds the value of the world's largest companies. With numbers like this, along with the strong demand for money trading, and the support of big businessmen of Elon Musk for a virtual currency that bears the face of a cute dog, everything shows that this money and - get real growth, and not false growth as seen in previous years. However, the issue is not without caution, according to the statement of Elon Musk himself, whose name is almost synonymous with the name "Dogecoin", and investing in this currency will be " Careful" money, and whether by using it. the amount of money that is not of money or money.
There are other things that testify about the currency "Dogecoin", the main one is that it is mined without a limit or a cap, which makes its value increase gradually due to power creating something. Also, the fact that it is associated with an offensive meme that is made into a joke is also among the things that cause some anger, especially if the issue becomes a financial one.
And that remains the most important caveat in the complexity of trading "Dogecoin" is that it is considered as a currency under what is known in the trading world as "pump and dump" , which means that It is possible that the value of money will rise and fall in the hands of a group of actors on \ Reddit regularly, which actually happened when they got the first credit for activating, promoting and creating this money in the years not recently. (11)
Finally, there is no doubt that the best thing that can be said about "Dogecoin" at this time is what the blockchain expert Logan Ross said in the article entitled "Is Dogecoin a real currency?", where he made It is clear that investing in Dogecoin should not be an investment. for the purpose of making quick money - even if it happens repeatedly from time to time - as it goes, it is about investing in the principle of entering the "next thing" of can change the color of the future, a future that seems to celebrate digital currency more than anyone expected. (12)
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