Cryptocurrency: What is Dogecoin?


Dogecoin is a cryptocurrency, a form of digital money that is similar to bitcoin. It enables peer-to-peer transaction across a decentralized network. However, one major difference is that bitcoin is the original blockchain proof-of-concept, while Dogecoin is just a cryptocurrency that has a picture of a dog on it.

“It is a puzzle to me why Dogecoin is so highly valued,” says Adrian Lee, a senior finance lecturer at the University of Technology in Sydney.


How Dogecoin is created?

At the peak of the meme’s popularity near the end of 2013, Palmer made a joke combining the hottest topics: cryptocurrency and Doge. Palmer is an Australian marketer for one of the world’s largest tech companies. So, Dogecoin started as a joke aiming for the bizarre world of the crypto and bitcoin’s multiple derivatives.

“Investing in Dogecoin,” Palmer tweeted, “pretty sure it’s the next big thing.”

The tweet then got a lot of attention. For laugh, Palmer decided to keep the joke going. As a result, he bought the domain and uploaded a photoshopped Shibe on a coin.


Reddit drove Dogecoin into the stratosphere


If a user posted “hey ‘dogebot’ tip this person five dogecoins”, that Reddit user would automatically receive five Dogecoin. Due to this feature, people started sending Dogecoin back and forth in a feel-good exercise that costs very little money in the real world.

“I liked it,” says Markus. “At the time, Dogecoin wasn’t worth anything, but getting five Dogecoin felt better than getting two cents.” Markus is a video game-obsessed software engineer at IBM.

Reddit users were sharing Dogecoin back and forth constantly, which lead to the expansion of the user base of Dogecoin. Consequently, the value of Dogecoin as a cryptocurrency increases.

“Pretty much everyone who used Reddit had Dogecoin,” says Palmer. “I think that was key to its success.”



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Dogecoin: The joke cryptocurrency that somehow became real

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