What is Dogecoin? Is Elon Musk Right? Can Dogecoin Make Us Rich?

Dogecoin (DOGE) is a crypto money invented by software engineers Billy Markus and Jackson Palmer, who decided to build a pay system that is instantaneous, fun and exempt from traditional banking fees. Dogecoin carries a Shiba Inu dog, a popular internet breast in its logo and name, called Doge. It's a Litecoin-based electronic currency. Introduced on December 6, 2013, Dogecoin quickly developed its own internet community, reaching a market value of USD 5,4 billion on January 28, 2021. As of may 4, 2021, the market value exceeded USD 62 billion. As of February 2, 2021, the total number of followers of r/dogecoin subreddit has reached 781.000. Dogecoin "to the moon!" it's called his motto. The coin, which is a joke, has increased to $0.57, and has surprised the public. 

Can Dogecin reach $1?

Dogecoin was invented by IBM software engineer Billy Markus from Portland, Oregon, who set out to create peer-to-peer crypto money, and Adobe software engineer Jackson Palmer in hopes of reaching a larger demographic than Bitcoin. Their creators also wanted to remove Dogecoin from the controversial history of other crypto coins. Dogecoin was officially released on December 6, 2013 and more than Dogecoin.com million people visited in the first 30 days.

Palmer was working in the Marketing Department of Adobe Systems at the time, Sydney, and is known for making Dogecoin's idea a reality. Palmer bought the domain Dogecoin.com domain name and added Dogecoin's logo to the mainland and chose to use Comic Sans. After Markus saw the site, he reached out to Palmer and began his efforts to develop this crypto currency. Markus designed Dogecoin's protocol on the basis of current crypto currencies, Luckycoin and Litecoin at the time [and these crypto currencies used scrypt technology in their labor proof-based algorithms. The use of Scrypt meant that crypto miners would not be able to use SHA-256 bitcoin mining equipment, but rather use special FPGA and ASIC, known to be more complex in production. Can dogecoin be mined?

On December 19, 2013, Dogecoin gained about 300 percent in 72 hours, rising from US$0.00026 to $0.00095, with a daily volume measured by billions. This growth occurred at a time when Bitcoin and many other crypto currencies were shaken by China's decision to ban Chinese banks from investing in the Bitcoin economy. Dogecoin suffered his first major downfall three days later, losing 80% of value due to this incident and the large mining pools that took advantage of the small amount of computing power needed to do Dogecoin mining at the time.

In January 2021, Dogecoin's value increased by more than 800% within 24 hours as a result of Reddit users' interest. 'GameStop short squeeze' events and Elon Musk's references to Dogecoin also contributed to this value increase. Is Dogecoin limited?

Elon Musk's interest and effort for Dogecoin has been explained by Dogecoin developers, who have long considered Dogecoin as a project, and that interest has existed since 2019, and that Elon Musk considers Dogecoin a project.