Doggone Doggerel cryptocurrencies
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The multiple jumps of Dogecoin and SHIB in 2020 and 2021 have attracted wide attention, discussion and deep attention from the world, and many institutions have expressed their opinions and made investments. Some say that dogecoin and SHIB's popularity in 2020 was fueled by Tesla CEO Elon Musk. Musk launched a social media poll on what would you like to use as the future currency of the earth. More than 1 million people participated in the poll, and more than 70% of the netizens chose Dogecoin. Others say there is an important element of Memes involved: a well-known sense of cohesion that propels and strengthens these communities, while also spreading their ideas or ideas to the wider world. Memes are more or less interesting, widespread and powerful online content, such as an illustrated picture or video. Dogecoin is not an upstart in the coin circle. Like litecoin and other virtual currencies, dogecoin is issued based on the source code of Bitcoin and modified some parameters. It is also a kind of shanzhai coin. However, it was born in an entertaining way, a product of the popularity of social media. In 2013, the price of Bitcoin skyrocketed and a lot of fake coins were created. Dogecoin was originally conceived as a light-hearted joke between its two co-founders, Billy Markus Jackson Palmer. The "fun and friendly Internet currency," created in the funniest possible way, came as a breath of fresh air at a time when the seriousness of Bitcoin was seeping into the global cryptocurrency narrative. Taking Doge, a shiba inu emoji popular on the Internet at the time, as its name and logo, dogecoin also capped circulation at 100 billion, with 5 billion new coins being created each year. Compared to the limited supply of 21m bitcoins, it is an unlimited supply. But for those who want to easily cast and play around with something that costs less than a penny, Doge is right in their wheelhouse with minimal risk. As a result, the Doge site received more than a million visits about a month after its launch. Within two weeks of the project's launch on December 6, 2013, Reddit's R /Dogecoin section had more than 19,000 users, while Doge's price soared 300%, even as China announced it was banning payment companies from processing bitcoin-related transactions. Initially, Dogecoin was primarily active on the online community Reddit. Due to its high liquidity and low price, dogecoin itself has the meaning of entertainment and banter. It soon became popular in the market and grew into the second virtual currency with the number of users second only to Bitcoin, and started the boom mode for many times. One factor driving Dogecoin's success and popularity is the love people have for the coin's mascot: a popular emoji for Doge, a Shiba inu, known for captionslike "Much Wow" and "So Tired." The meme originated in 2010, when Japanese kindergarten teacher Atsuko Sato posted several photos of her adopted Shiba Inu Kabosu on her personal blog. In one particular shot, Kabosu sits on a sofa, eyebrows raised and eyes slanted into the camera (see below). The photo and content gained further popularity online when The Verge and others published articles identifying Atsuko Sato's Kabosu as The original dog in The meme. Based on this situational awareness, we can see that by linking cryptocurrencies to a topic that already has a growing following (i.e., DOge), Jackson and Billy, the founders of Dogecoin, were able to tap into the psychological element of social identity as people became emotionally invested in the meme. Moreover, while Dogecoin is essentially meaningless and has a total supply of 100 billion coins, the community rallied behind the coin after it was hacked and criticized in 2014 to prove that it does have practical value. In 2014, for example, the Dogecoin community raised more than $30,000 worth of Dogecoin in a matter of hours to help the Jamaican bobsled team compete in the 2014 Winter Olympics in Sochi, Russia. Another community-driven initiative called "Doge4Kids" successfully donated $30,000 to the charity 4 Paws for Ability, which helps provide service dogs for children with special needs. To sum up, "meme coins" like Dogecoin contribute more elements in promoting Web3 adoption and awareness, the most important of which is precious time and attention. This is especially true given the Dogecoin's popularity among celebrities such as Snoop Dog, Lil Yachty and Mia Khalifa, not to mention Elon Musk. Memes play a binary and (sometimes) polarizing role in the field of crypto economics: On the one hand, some purists criticize meme-centric cryptocurrencies like Dogecoin, arguing that they obliterate the potential power and purpose of decentralized technologies; On the other hand, it is undeniable that there is value in humor beyond the surface of memes that most people find intimidating and confusing, memes that initially engage people in a light-witted way while retaining deeper subtext and meaning through the technology and culture that surrounds them. In this way, cryptocurrency memes can serve as a carefully disguised first-step strategy to help people who would otherwise feel tired, mentally drained or without a sense of belonging learn more about the need for these emerging technologies. The appeal of "memes" like Dogecoin, through their innate cheapness, gives the community a chance to align with a prevailing, bottom-up theme of cryptocurrency construction. Although this concept is already reflected in the divisibility mechanism of Bitcoin (BTC) (bitcoin can be divided into smaller units, known as satoshi), the use of satoshi to display the dollar equivalent of smaller or larger denominations is still very confusing to most people. By contrast, "meme coins" like Dogecoin or Shiba Inu have the potential to replace this approach, as they offer a wider population the opportunity to hold and use "whole coins" without risking their life savings or over-leveraging their positions for pure speculation. But the downside is that this wider and more public availability also opens up the possibility that less experienced traders and investors will later fall victim to malicious running or price manipulation. Essentially, while having 100 million "meme coins" may seem more attractive or exciting, the reality is that there are no shortcuts to true wealth creation no matter how compelling the project's narrative and marketing efforts may seem.
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