Dogecoin (DOGE), like many other cryptocurrencies, has exploded in popularity and price during 2021.
Reaching a high of $0.74 in early May, its recent surge has been well documented online, especially as high-profile individuals such as Elon Musk continue to tweet about the cryptocurrency.
But when it comes to the history of Dogecoin, there remains less coverage. So, if you're thinking about investing in Dogecoin, and want to learn more about its past, here's a look at how it all started.
When did Dogecoin start?
Despite reaching new heights in 2021, Dogecoin is not a 'new' cryptocurrency. It was originally created in 2013 as a joke currency by two software engineers- Billy Markus and Jackson Palmer.
Palmer was the first to come up with the idea, purchasing the Dogecoin.com domain and editing the 'Doge' onto a coin. He first referenced Dogecoin in a now-deleted tweet from November 2013, jokingly tweeting about investing in the currency before it existed.
Markus then contacted Palmer about developing the actual coin, having experience in creating altcoins before. The software engineer told VICE in 2013 that he had previously made a coin based on Animal Crossing's 'Bells' currency, but it "wasn’t particularly successful".
Based around the iconic 'Doge' meme that features Kobusa, a Japanese Shiba Inu, Dogecoin was intended to be a satirical coin used to mock Bitcoin and other more serious coins. Its main uses first involved 'tipping' other users on social media.
What price did Dogecoin start at?
The official start date of Dogecoin is disputed as being either 6 December 2013, or 8 December 2013. While the r/Dogecoin subreddit did form on 8 December, the Dogecoin profile on Bitcointalk.org was created on 6 December, with the first post stating:
The first officially recorded price of Dogecoin from a price tracker comes from Coinmarketcap, who reported that the currency opened at a price of $0.0005588 on 15 December, before closing at $$0.0002979.
Its price had not risen by 15 December 2014, closing at $0.0001882. It wasn't until April 2017 that Dogecoin saw a sustained increase in price, hitting $0.0007463 at the end of the month and $0.02 during the January 2018 cryptocurrency bubble.
It would, however, return to a price of $0.002346 by the end of 2018, before its drastic rise in price during 2021.
When did Dogecoin become popular?
Contrary to popular belief, Dogecoin has always been 'popular'. It attracted media attention from many financial outlets when it first launched, including Business Insider.
Ever since then a string of notable stunts, including fundraising for the Jamaican Bobsled Team to attend the Sochi Winter Olympics and sponsoring a NASCAR driver Josh Wise in 2014, ensured the currency remained relevant.
However, as Google Trends shows, it wasn't until January 2021 before Dogecoin would become one of the most searched cryptocurrencies, reaching its peak in May 2021.
READ MORE: How many Dogecoin are in circulation?