Dogepalooza, the festival inspired by the Dogecoin cryptocurrency, was held yesterday in Sugar Land from noon. The event had promised lots of forward-thinking concepts, young musical acts, and endless dog memes, all of which came to fruition.
Educating Folks on Dogecoin
During the event, there was an appearance from the DogeClaren, a touring vehicle covered in images of the doge meme. Notably, there was also a documentary filming of the event.
The idea for Dogecoin came from two software engineers named Billy Marcus and Jackson Palmer. The Shiba Inu meme-inspired the name of the coin. Initially, it was created as a parody of Bitcoin, but it quickly became popular, including Elon Musk saying it’s his “fave cryptocurrency.”
Due to the endorsements from celebrities, such as Gene Simmons and Joe Jonas, Dogecoin’s credibility has gained a lot of traction. In 2017, Mark Cuban, the Dallas Mavericks owner, allowed fans to use the cryptocurrency to purchase tickets.
Houston-based investor and philanthropist James Humble first became aware of Dogecoin in 2019 through the videos posted by Corinna Kopf. He was immediately attracted to the concept of the decentralized digital currency and its promise of doing good every day. He then trademarked the phrase “do only good every day” to protect it for the Doge community.
Before the event, he stated that Dogepalooza attendees would get excited about the potential of Dogecoin. He estimated having 5,000 people attend the event and worked closely with Sadie Pope, the event’s executive director.
“If I go to a brick-and-mortar store and say, ‘Hey, you gotta download this app,’ do this, do that, accept crypto — it’s easier to onboard you and teach you about the crypto and have a built-in audience of thousands of people who want to learn about crypto,” Humble says. “It’s a perfect environment to educate people.”
Music Artists Made Appearances
The festival featured a wide variety of music acts and DJs. Many of the acts featured were lesser-known artists from Houston or the suburbs. Some of the notable artists who performed at the festival include Lil Mook, Astro-cat, Dmore, etc.
Many of the festival’s entertainers were also prominent individuals. Some of these include Warwick, Damon Elliott, and Kilometerz. Gammy Gonzz, a pop singer from Houston, was impressed by the festival’s overall atmosphere. He also wanted to see people having a great time.
Just the Beginning
The goal of the event is to support local and national charities. According to organizer Humble, most ticket sales will go to these organizations.
One of the event’s partners is 4MyCiTy Inc., a company that focuses on reducing food waste. They collect and donate unused food from local restaurants and stores through its program.
He hopes to expand the festival to other countries. He plans to hold it at the same time in different cities. “It’s just blown up to a huge thing. I still pinch myself, “Oh my God” Humble says. “It’s not just a festival. It’s not just a concert. It’s a game-changer for the world.”
Dogecoin Profitability is Increasing
Due to the successful handling of the selling pressure and avoiding negative movements, the profitability of the first meme coin has increased to almost 60%. According to the latest data released by the company, most Dogecoin holders are no longer at a loss.
A month ago, the profitability of the asset was around 40%. The spike in the asset’s profitability is also attributed to a significant portion of the coins purchased by investors in the $0.15-$0.16 range.
At press time, the price of Dogecoin is at $0.134, which shows that it has a chance to break out of its long-term downtrend. A signal indicating a potential trend reversal could be seen on a 200-day moving average.
Source: https://crypto.news/dogepalooza-2022-dogecoin-fans-together/