Dogecoin marked its 12th anniversary in the "red zone"

December 6 marked 12 years since the launch of the leading meme cryptocurrency Dogecoin (DOGE).

The coin was created in 2013 by developer Billy Markus and Adobe Systems sales department employee Jackson Palmer, who decided to joke about the rapidly growing number of digital assets.

Over the years, the token, launched "for fun," has become one of the leading cryptocurrencies. On May 8, 2021, DOGE reached its all-time high at $0.73, with a market capitalization of $88.7 billion.

This anniversary, the pioneer of the meme token segment faced a 3.1% drop in 24 hours—Bitcoin and the market as a whole lost about 1.8%.

The description of the project's X account says: "Elon Musk thinks we're cool." The head of Tesla and SpaceX has indeed supported DOGE for many years.

In January, the coin's price jumped 11% after its logo appeared on the website of the newly formed Department of Government Efficiency under the US government (Department of Government Efficiency or DOGE). The agency, created by the decision of President Donald Trump, was headed by Musk.

What's happening with DOGE and what Elon Musk's brainchild is remembered for
The Department of Government Efficiency under the US government (Department of Government Efficiency or DOGE) lost its centralized authority eight months before its planned dissolution.

The agency, created by billionaire Elon Musk, focused on reducing government administrative expenses and fighting bureaucracy. However, during its existence, it was primarily remembered for a series of high-profile scandals.