2013 was the year of memes, selfies, and Miley Cyrus twerking at the Video Music Awards (VMAs). A lot of what happened then shaped pop culture. It was the year of Deepika Padukone, and it marked one hundred years of Bollywood. It was the time when the doge meme was popular. The meme is a Shiba Inu dog looking at the camera like it’s been caught in the act. Coincidentally, it was also the time when cryptocurrency newly began to occupy people’s lives. The doge, being a popular meme, somehow converged with cryptocurrency, gaining popularity to give us the dogecoin.
Elon Musk, the owner of Tesla, and title-holder of the richest person in the world, has been a proponent of dogecoin and a self-proclaimed “Dogefather.” One tweet by the billionaire sent the value of the coin soaring by up to 25 per cent. But despite his love and promotion of dogecoin, the cryptocurrency does not sell the most. Bitcoin does. And it has to do with Bitcoin being the first decentralised cryptocurrency ever to be launched back in 2009.
Musk believes Dogecoin is more effective than Bitcoin in transactions. In an interview with TIME magazine, he said that, “The total transaction flow that you do with Dogecoin has much higher potential than Bitcoin.” But however you see it, cryptocurrency is losing steam. It’s akin to a Ponzi scam.
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