In late 2013, Adobe Product Marketing Manager Jackson Palmer and software engineer Billy Markus developed Dogecoin, a satirical cryptocurrency. The two wanted to make the project "as absurd as possible," so they based it on a viral internet meme of a Japanese Shiba Inu "doge" saying incomprehensible things like "much wow" and "such tired."
Another of the co-founders' "wacky decisions" was limiting the total supply to 100 billion coins in order to "make [dogecoin]... undesirable as a cryptocurrency so that it [didn't] become severe." The supply cap was eventually removed to encourage the use of the crypto token and prevent hodling.
Since Lucky Coin – a fork of Litecoin, which is a fork of Bitcoin – had a random block reward schedule, miners could earn zero or thousands of free coins for making new blocks, Dogecoin was forked. Palmer and Markus included this feature in Dogecoin in the hopes that the randomness would irritate doge miners and discourage them from using the token as a long-term payment solution. However, just one month after the project's launch, the official Dogecoin website had over a million visitors and had rapidly gathered a sizable following.
As the number of users continued to rise exponentially, the block reward schedule was decidedly changed to a set one, similar to bitcoin's and most other cryptocurrencies, in March 2014 to make it more feasible.
Dogecoin was a joke coin that didn't take itself seriously.
On December 6, 2013, Dogecoin went live for the first time, and it was an immediate success with the world. It was not only a funny cryptocurrency that could be easily mined and bought for fractions of a penny, but the outrageousness of its formation was a breath of fresh air for people who just wanted to play around with cryptocurrencies without any restrictions.
Despite China's announcement at the time of a ban on payment firms dealing with Bitcoin, the r/Dogecoin Reddit channel had over 19,000 users within two weeks, and DOGE's price had skyrocketed 300 percent.
The world was rocked by its first big hack on December 25. A malicious intruder allegedly hacked into DogeWallet, a third-party Dogecoin wallet provider, and stole 11 million doge (worth approximately $12,000 at the time), dubbed "the Dogecoin Christmas hack." “The attack originated from the hacker gaining access to our filesystem,” DogeWallet members said in an official response.
Two days after the attack, a community-led campaign called "SaveDogmas" was launched to compensate victims of the hack. Despite the fact that they were only founded a few weeks ago, the "shibes" group banded together and donated 15 million doge to the SaveDogmas wallet. In the year that followed, this act of kindness would become a central defining feature of the Dogecoin culture.
A culture that cares and is of real use
The Dogecoin group was eager to demonstrate that the meme-based cryptocurrency had real-world value in 2014, so they started raising funds through DOGE donations to support a variety of sporting and charitable causes. The first saw the group raise $30,000 in just a few hours to help send the Jamaican bobsled team to Sochi, Russia, for the Winter Olympics in 2014. The storey was picked up by a variety of national news outlets, including Business Insider, The Washington Post, and The Guardian, and helped to spread the word about the canine-themed cryptocurrency project around the world. DOGEdaily trading rates briefly overtook bitcoin and every other cryptocurrency by mid-January (in U.S. dollar equivalent). In February, a community-led campaign known as "Doge4Kids" raised $30,000 for the 4 Paws For Ability charity, which offers service dogs to children with special needs.
In the same month, a Washington Post article about an Indian luger named Shiva Keshavan was posted in the Dogecoin Reddit channel, detailing his urgent need for funding to compete in the 2014 Sochi Winter Olympics after his home country was suspended by the International Olympic Committee for corruption. The Reddit group raised over $7,500 in DOGE in less than 24 hours.
On March 11th, 2014, the Dogecoin group donated $50,000 to a Charity: water project in Kenya that is building clean water facilities. The generous donations enabled the non-profit organisation based in the United States to build two new water wells in the region.
The Dogecoin group donated $50,000 to a Charity: water project in Kenya that is building clean water facilities on March 11th, 2014. The generous donations enabled the US-based non-profit organisation to construct two new water wells in the area.
On March 17, 2014, a Nascar driver named Josh Wise was attempting to gain sponsorship in order to compete in the Talladega Superspeedway series. Once again, a post in the r/Dogecoin Reddit channel urged the group to bring their doge to good use and become the primary sponsor of Wise's vehicle. In total, over 67 million doge worth $55,000 were donated. The car, dubbed "#98 Moonrocket," was emblazoned with the notorious Shiba Inu meme and served as the first physical advertisement for the project at a major sporting event.
DogeTipBot, a third-party tipping service that interfaced with Reddit and enabled users to send dogecoin microtransactions to each other in exchange for posting favourable content, was also launched in 2014. This service was critical in promoting the early adoption of doge, as well as introducing non-crypto users to digital tokens for the first time. With over 70,000 sign-ups by August, DogeTipBot had become the crypto industry's leading tipping service.
Josh Mohland, the founder of DogeTipBot, took to Reddit in 2017 to reveal that he had gone bankrupt, was shutting down the site, and had spent all of the doge held on the platform to cover running costs and his own debt.
Dogecoin supporters who are celebrities
A the list of prominent celebrity endorsers who regularly express their support for the Shiba Inu-themed cryptocurrency on social media has also contributed to dogecoin's global success in recent years. Carole Baskin, the star of Netflix's "Tiger King," Gene Simmons, former professional bodybuilder Kai Greene, former adult film star Mia Khalifa, and American rappers Snoop Dogg and Lil Yachty are among others on the list.
Elon Musk, the CEO of Tesla and the world's richest man, is the most well-known celebrity supporter of dogecoin.
Musk first encountered DOGE in September 2018, when he publicly enlisted the aid of former dogecoin founder Jackson Palmer to tackle Twitter scam bots posing as Musk and stealing people's crypto. “Doge may be my fav cryptocurrency,” Musk said seven months later. It's pretty cool,” says the project's newly elected CEO, after winning an April Fool's Day poll.
Musk responded with another doge-related tweet in March 2020, saying, "Dogs rock... they have the best coin," and four months later posted a dogecoin meme with his 46.9 million Twitter followers with the caption, "it's unavoidable."
Musk continued to tweet about DOGE toward the end of 2020, causing prices to rise by 25% on December 20 after he posted "One word: DOGE." He also joked that dogecoin would become the official currency of Mars one day. The "Elon impact" refers to Musk's ability to significantly influence the crypto market through social media messages.
Musk sent dogecoin prices soaring 800 percent to a high of $0.08 after tweeting a picture of a dog on the cover of a "Dogue" magazine during the WallStreetBets stock market frenzy that gripped conventional financial markets in January 2021. On April 15, he demonstrated the Elon effect once again by tweeting a photo of a famous painting titled "dog barking at the moon" with the caption "doge barking at the moon." According to CoinDesk results, this had an immediate effect on dogecoin's price, which jumped 260 percent to a new all-time high above $0.45.
So, what made Dogecoin so popular?
In short, it seems that the project's selfless community, lighthearted origins, and real-world usefulness were the most important factors in dogecoin's early success in the crypto market. Dogecoin, on the other hand, has developed into a kind of cryptocurrency mascot for meme culture in recent years, fuelled by online communities and help from internet celebrities like Elon Musk. DOGE has increased in value as the culture has grown in popularity, ultimately taking on a life of its own that its designers never expected.
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