Here are the Unknown Facts About the Early Days of Dogecoin (DOGE)! - News-Credit-Mortgage-Coin

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Sunday, February 28, 2021

Here are the Unknown Facts About the Early Days of Dogecoin (DOGE)!

 

Facts About the Early Days of Dogecoin (DOGE)!

Dogecoin (DOGE) can seem like a fun "joke coin", especially since its price definitely skyrocketed in 2021.


However, there are some stories behind the joke coin symbolizing the innocent Shiba Inu dog. Those who bought cryptocurrency due to the jokes of Tesla and SpaceX CEO Elon Musk may not have an idea about the early days of DOGE. Here are the unknown items for the early days of DOGE, according to the news of Marcel Pechman on Cointelegraph:



Introduced by software engineers Billy Markus and Jackson Palmer in December 2013, Dogecoin's protocol followed the proof-of-work algorithm of Luckycoin and Litecoin (LTC) using Scrypt technology. It all started in Christmas 2013, when Dogewallet announced the hijacking of the website and caused users to send money to the hacker's address. The $ 12,000 worth of coins lost by users was repaid by Ben Doernberg, a board member of the Dogecoin Foundation, who also collected community-funded donations.

How much have you heard of altcoins or startups focusing on micropayments on social networks using cryptocurrency? Inspired by the Bitcointip project that has been going on for more than a year, the Dogetipbot application was launched, which automatically provided DOGE tips on Reddit, Twitch and Twitter.

Unfortunately, the creator of Dogetipbot cashed out his entire stash in 2015. This situation later led to the service going bankrupt in May 2017.



The spectacular rise and fall of Dogecoin's early days. Source: CoinMarketCap



Sponsorships and "exit scams" for Dogecoin
In addition to Dogecoin's unconventional origins, according to Cointelegraph author Pechman, there is the story of "Wolong," an active name in the IRC and Reddit groups at the time. This trader took advantage of Jamaica's bobsled team sponsorship announcement, coordinating whales to pump DOGE up to 600% in January 2014. This situation is similar to the r / SatoshiBets actions that were brought up recently.




DOGE / USD price July 2014 - April 2015 (HitBTC). Source: Tradingview

Finally, in October 2014, Moolah announced that the altcoin exchange was closed and filed for bankruptcy protection. Then came another strong price correction as seen above.

Among the injured investors are Dan Wasyluk and his friends, who lost a total of 750 BTC. At that time, there weren't many exchanges listed on DOGE. Thus, Moolah was providing vital infrastructure to the online community at the time.

To summarize, Alex Green, founder of Moolah, has led a NASCAR sponsorship campaign as well as funded numerous Dogecoin meetups and Twitter promotions.



Eventually, people learned that "Alex Green" was actually a pseudonym used by Ryan Kennedy, who was sentenced to 11 years in prison for many crimes, including rape.

However, despite its early days full of pump and dump, exit scams, Dogecoin; It looks like it has found its niche in the cryptocurrency space and a strong online community. For example, the Dogecoin subreddit has over a million users.




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