The parody cryptocurrency Dogecoin may have had humble beginnings, but has now broken through the billion dollar market cap and has proven how far the concept of cryptocurrencies have come following the launch of Bitcoin in 2009.
The genesis block of bitcoin was first mined back in 2009. Four years later, in 2013, programmer Billy Markus decided to code a cryptocurrency of his own. He worked together with Jackson Palmer, who worked with Adobe as a product manager and data analyst to bring the meme into life and create the Dogecoin.
The creator of dogecoin adopted the image of the internet meme Shiba Inu dog and envisioned the coin would be used as a way to make online payments in a friendly and convenient way. He may not have anticipated how popular the coin would become however.
Even so, Dogecoin has spent the past five years fostering a vibrant community, becoming a popular method of “tipping” people inline. The website for the coin itself lays this out, saying that tipping fellow internet users who create and share great content has become the main use for dogecoin. It can be considered a way to “like” and upvote something online in a way that holds real value.
An important aspect of Dogecoin is that there is no limit on the number of coins that can be mined. There are currently over 112 billion dogecoin in circulation. Even though just one dogecoin is worth around one cent, the total market capitalization for the coin has reached over $1.19 billion, which is around 72k bitcoin.
The Coin of Pop-Culture
Dogecoin has become well-known for featuring a meme as its “mascot”. “Doge” is a popular term on the internet for a dog, which can be traced back to the word being misspelled in a TV show from 2005. KnowYourMeme explains that the word doge was put together with a picture of a Shiba Inu dog in 2010 on Reddit, which led to it becoming one of the most popular and well-known memes on the internet.
The doge meme was associated with the cryptocurrency in 2014 and has only gone from strength to strength since then, though we expect that the loveable doge and the memes associated with it would have continued to delight and entertain internet users even without the virtual currency.
The Charitable Community of Dogecoin
The community behind the dogecoin have made a name for themselves through their chairtable efforts. The dogecoin wallet platform Dogewallet was hacked in 2013 and millions of dogecoins were stolen. The dogecoin community responded to the act by creating a fundraising campaign called SaveDogemas, which raised as many dogecoins as were stolen during the hack only a month after the attack.
The community has also raised money for projects to provide clean water to Kenya, Olympic athletes, and even retired NASCAR driver Josh Wise.