Markus and Palmer launched Dogecoin for the first time on Dec. 6, 2013. It is a cryptocurrency with a friendly brand image that aspires to be a helpful introduction to cryptocurrencies. The name and picture used for the coin are based on the popular meme featuring a Shiba Inu dog. DOGE was created using the open-source code from Litecoin, which itself was a fork of the Bitcoin blockchain and advertised from the start as a casual, fun cryptocurrency. This helped Dogecoin become the main topic of conversation in the industry into 2014.
Since it’s been around for a long time, developers have said that they take the project and their responsibility to users very seriously. As proof, the project would even try out some interesting ideas about how to design a cryptocurrency. Additionally, Dogecoin would emphasize the value of community in cryptocurrency systems. As the community successfully raised funds for various charities in 2014. The funding generated the following:
$30,000 to assist Jamaica’s bobsled team in qualifying for the Winter Olympics
$50,000 to fund the building of water wells in Kenya
Sponsorship of NASCAR driver Josh Wise for $55,000
By 2021, such publicity stunts had elevated Dogecoin to relatively close status. It gained traction on Reddit’s WallStreetBets discussion boards and on Twitter, where its value skyrocketed in response to famous Elon Musk tweets such as “to the moon,” “favorite cryptocurrency,” and “people’s crypto.” The price rocketed following Musk’s tweet, rising roughly 30% within minutes of Musk’s pronouncement. It’s unclear whether Musk was serious about sending DOGE to the moon, but considering the company’s lunar exploration goals, it’s possible. The volatile has increased more than 4,000 percent during 2021 alone, due to the influence of a massive online community that includes Elon Musk, Mark Cuban, and Snoop Dogg.