Dogecoin was created as a goof. The creator of Dogecoin, Jackson Palmer even issued a warning after the market cap for his practical joke went all the way to 2 billion. But after its creation, a community started coming together. Now, around 6 years after its creation, Dogecoin has one of the strongest communities in crypto.
Being added to Binance is a big moment for any cryptocurrency. For Dogecoin, it is monumental. The Dogecoin community has lobbied for this for a long time. And now Doge holders will enjoy a new level of legitimacy that comes with being listed on Binance.
After the announcement, the price of Dogecoin pumped over 30% in just a few minutes. The price pulled back after the explosion, but Dogecoin has still added nearly 100 million dollars in market cap in the days since the announcement.
Vitalik Buterin just became the latest heavy hitter to declare their love for Dogecoin. He recently responded to a tweet asking his opinion on the “joke” currency.
“I am very pro-Dogecoin,” the Ethereum founder said.
Previously, Elon Musk and John McAfee have also tweeted about their interest in Dogecoin. Musk even called DOGE his “favorite” crypto.
What grabbed McAfee’s attention about Dogecoin is how it went from a joke to a thriving currency in a short period of time.
Back in late May, McAfee expressed just how impressed he was with a tweet.
“Doge started life as joke/prank coin. The coin now has a market cap of $360 mil. The crypto market is, in no way, related to the stock market. Inherent value is, ultimately, based on usage. Doge is one of the fastest growing coins based on use. Go figure.”
The Dogecoin community has relentlessly supported the digital asset to the point that it just can’t go unnoticed.
Binance’s CEO Changpeng Zhao explained that the rabidly loyal community, bolstered by celebs like Musk, was the reason Dogecoin found its way on to the Binance exchange.
This one is an exception, as there isn’t much new tech development (I guess it was never about the tech for this one). The users/community is large, and a famous “ex-CEO” (cough @elonmusk) helps!
— CZ Binance (@cz_binance) July 5, 2019
Being added to Binance’s exchange is obviously a huge step for Dogecoin. Once thought of as a worthless joke, Dogecoin could now be on a course to become a widely adopted small payments mechanism.