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One of many weirdest 2021 happenings thus far is the sudden growth of Dogecoin due to Reddit. Nicely right here’s an explainer for this oddity.
We’re solely two and a bit months into the brand new 12 months and we’ve already had a number of unusual issues occurring, most notably the entire Reddit/GameStop factor that escalated to the purpose the place Robin Hood was one way or the other concerned and Hollywood got here calling with a number of movie adaptation offers in tow.
However one of the crucial hilarious penalties of this already-hilarious story has been the rise of somewhat one thing referred to as Dogecoin.
There will probably be some who learn about this but additionally many who don’t. So to make issues simpler, right here’s a fast explainer on Dogecoin, the place it suits into this complete Reddit/GameStop fustercluck, and why we’re speaking about it in 2021.
So what’s Dogecoin?
Dogecoin is a cryptocurrency that was invented by software program engineers Billy Markus and Jackson Palmer as a joke and incorporates the “Doge” meme as its emblem and namesake.
Wait, what’s the “Doge” meme?
It’s that meme you’ve in all probability seen on the web again in 2013 involving an image of a Shiba Inu surrounded by multicoloured Comedian Sans font that represents the canine’s interior monologue, which is intentionally written in hilariously damaged English.
You already know, this notorious little meme:
Okay, so how does Reddit come into this?
Nicely the Reddit/GameStop factor occurred proper? Nicely Redditors determined that GameStop wasn’t the one factor they needed to place cash on and determined to pump the value of Dogecoin up as properly as a result of they’ll use the earnings to purchase extra GameStop inventory and it’ll be freaking humorous.
Inside a day or so, Dogecoin noticed an ENORMOUS surge in its worth (as per CNBC) is the joke cryptocurrency noticed an 800% leap in 24 hours after Redditors determined to go all in on the meme.
Issues then escalated additional when Elon Musk determined to tweet about Dogecoin, inadvertently encouraging Redditors to pump more cash into the meme crypto.
Subsequent factor you already know, the likes of Snoop Dogg and Gene Simmons all bought in on this more and more pricy joke, inflicting it to achieve an all-time excessive worth and changing into the ninth largest cryptocurrency.
So in brief, this complete Dogecoin/Reddit factor all began out as a joke earlier than it get ridiculously out of hand and stupidly costly, all whereas nonetheless remaining humorous.
If there was a strategy to sum up the primary couple of months of 2021, it could in all probability be one thing like “it’s all an enormous joke so let’s screw with some individuals.”
— Elon Musk (@elonmusk) January 28, 2021