Dogecoin (DOGE) is best known as a joke cryptocurrency that was born out of an internet meme and launched into a serious player that is among the top ten cryptos by market cap. It started out as a joke project that would still retain all the functionalities of its more serious counterparts within the cryptocurrency space. Nowadays, it is best known for the endorsements it has received from various billionaires who often tout its “strong community” as its biggest advantage.
If you have not heard about Dogecoin before it reached its all-time high in May 2021, then you were bound to hear about it at that point; as its price shot up, so did its popularity far beyond the crypto space. For many, it serves as a reminder that technology is more powerful than many admit, but also that not everything has to be completely serious in order to have a strong use case.
Dogecoin is a cryptocurrency that serves as a means of payment, but also as a store of value for many. It was initially created as a parody of Bitcoin (BTC), as it poked fun at all the serious discussions revolving around BTC and other cryptocurrencies. While it had no real purpose when it was first created, it was quickly adopted by the internet and used to tip users on forums who contributed something other users deemed worthy.
These days, many online merchants accepting cryptocurrencies have also added support for payments made in DOGE to their stores. This enables many holders to use it as a means of payment for any number of goods and services, going far beyond jokes and meme culture. On the other hand, many DOGE owners have decided to hold it as a store of value in hopes it will appreciate again in the same way as when it reached its most recent all time high, when many owners profited off the upward trajectory.