In 2013, Billy Marcus and Jackson Palmer developed their own cryptocurrency inspired by a popular meme of a Shiba Inu dog. Unexpectedly for the creators themselves, Dogecoin became very popular and grew significantly in value, gathering a strong community around it.

Over the years, this joke cryptocurrency has gained widespread support. Shops, airlines, and hotels began accepting Dogecoin as a means of payment. They even made a film and erected a monument in honour of the Dogecoin symbol. Moreover, on the initiative of Elon Musk, a well-known Dogecoin fan, the U.S. government created the Department of Government Efficiency, whose acronym (D.O.G.E.) coincides with the name of the cryptocurrency.

In this article we will tell you what is Dogecoin altcoins, the history of its creation, practical application and the opinion of the creators about their brainchild, which changed the world of cryptocurrencies, opened the way for memecoins.

Dogecoin is a joke that changed the world of cryptocurrencies

Dogecoin network started as a joke, but quickly turned into a serious cryptocurrency that gained popularity thanks to a meme with a Shiba Inu breed dog. Over the past year, the price of the token has risen and there are now more than 12 billion units of this cryptocurrency in circulation. Tesla founder Elon Musk has repeatedly posted images of a shiba inu on his Twitter, and blogger Marques Brownlee called Dogecoin ‘the most accessible and least intimidating cryptocurrency for humans.’

One of Dogecoin’s creators, IBM developer Billy Marcus, notes: ‘There are many reasons why people are buying Dogecoin, and it has become kind of mainstream today. It’s one of the most volatile assets you can invest in, but people have a lot of motivations for doing so, and that’s reflected in the market.’

Most alternative cryptocurrencies, called altcoins or clones, resemble bitcoin. They can be mined by performing complex computing tasks on a computer. In 2013, Markus tried to mine bitcoins on his gaming PC, but found the process to be ‘very slow and expensive.’

After studying a guide on the internet, he realised how to create his own cryptocurrency. The first attempt was Bells, inspired by the currency from the popular Nintendo game Animal Crossing. However, according to Marcus, this project failed. Later, while chatting in an Internet chat room, he met Adobe developer Jackson Palmer, who registered the Dogecoin.com domain.

‘I noticed that every day, and sometimes every hour, new coins were appearing, and each one promised to be worth a fortune and take over the galaxy,’ Marcus recalls. – It seemed absurd to me. Given how many of them there were, I thought it would be easy to create my own cryptocurrency.

The image of a Shiba Inu dog, known as Doge, was one of the first internet memes to become widespread. In 2013, it entered the mainstream thanks to a meme template using the phrase ‘doge’ and images of a curious dog. This made it the perfect topic for a new cryptocurrency.

So, Marcus and Palmer created Dogecoin, a cryptocurrency closely tied to meme culture, which initially made it impossible to take seriously. The site used the Comic Sans font associated with the Doge meme.

‘Dogecoin was originally conceived as a parody of all the “serious” clones that tried to stand out but looked the same,’ Marcus explains. According to him, Dogecoin was another clone, but took itself non-seriously.

Over the following years, Dogecoin became popular among ironic sceptics who thought the concept of currencies was flawed. They preferred to have fun with it. In 2014, for example, Dogecoin owners raised $30,000 to send the Jamaican bobsled team to the Winter Olympics, inspired by the 1993 film Cool Runnings, and donated $50,000 to Charity: Water, an organisation dedicated to providing clean drinking water to developing countries.

In 2015, Palmer retired from the crypto community, leaving development to a group of followers. ‘I have seen the field flooded with opportunists looking to make money rather than develop the technology,’ Palmer wrote.

Now you know when was Dogecoin created and who originated the token, which as of February 2025 is the eighth largest cryptocurrency by total capitalisation.

What the community and investors thought of the new coin

When did Dogecoin start there was a lot of talk about the token. Some supported the cryptocurrency, while others were sceptical about it. For more than 10 years, quite a few famous investors and the richest people on the planet have had a hand in the development of the token and its impact on the crypto industry.

In the spring of 2019, Elon Musk named Dogecoin as his favourite cryptocurrency. His regular mentions on Twitter often caused the DOGE exchange rate to rise by tens of per cent.

Tesla began accepting Dogecoin as payment for some of its products, and SpaceX announced its willingness to accept this cryptocurrency for services to put satellites into orbit. This news contributed to an increase in the price of DOGE, although growth was often followed by a significant correction.

Dogecoin’s historical high was recorded on 8 May 2021 at $0.7376. This happened after Musk announced his participation in the popular show Saturday Night Live, where he introduced himself as ‘Dogefather’. However, the very next day the price dropped to $0.44.

MicroStrategy founder Michael Saylor compared buying Dogecoin to playing the lottery, noting that the activity may bring a small income, but at the same time emphasised the importance of involving a large number of enthusiasts in the cryptocurrency industry.

Many analysts have spoken negatively about the future of Dogecoin. Galaxy Digital head Mike Novogratz compares its growth to the situation around GameStop shares, and Digital Currency Group founder Barry Silbert predicted Dogecoin’s capitalisation would fall from $37 billion to $1 billion in 2021. At the time of the review’s release, it stands at $32 billion, so the expert’s pessimistic forecast has not come true.

A critic of Dogecoin, Ripple CEO Brad Garlinghouse pointed to the unlimited issuance of the coin, believing that it does not meet the requirements of the cryptocurrency market, as many investors use digital assets to protect against inflation.

CNBC anchor Jim Cramer, known for his radical statements, stated that Dogecoin could fall under the scrutiny of regulators as it is classified as an unregistered security.

Understanding what is DOGE makes it easy to understand why the coin has such a controversial attitude. Much of its success has come in spite of, rather than because of, its well-defined tokenomics, like most altcoins.

What Dogecoin is and how it is mined

The token is becoming increasingly popular and is among the top ten cryptocurrencies with the highest capitalisation. One of the reasons for its popularity is due to what is Dogecoin used for. For most people the token remains available and they feel that they missed the opportunity with bitcoin and see it as their chance. Eric Berman, senior legal editor for finance at Thomson Reuters Practical Law, outlined the reason for the token’s popularity.

Dogecoin is an inflationary cryptocurrency, which means there is no limit on the total number of coins mined. Unlike bitcoin, which has a maximum number of coins capped at 21 million, Dogecoin has no upper limit and around 14 million new coins are mined every day. Like other cryptocurrencies, Dogecoin operates based on blockchain technology. If you are interested in what blockchain is Dogecoin on, it came about as a result of a Litecoin (LTC) fork called Luckycoin. However, there have been significant changes to the protocol since then. Dogecoin utilises the blockchain by adding blocks using the Proof of Work algorithm.

Dogecoin, like many other cryptocurrencies, can be acquired in several ways. Users can mine the coin themselves or receive it as payment for goods and services.

Participants in the network need to install open source software on their computers to become part of the decentralised system. Dogecoin mining is done by solving mathematical problems, similar to other cryptocurrencies, but the process is much faster. Ten thousand DOGE can be mined in about one minute, making it convenient for small everyday transactions. To date, there are over one hundred billion virtual coins in circulation.

Using Dogecoin is no different from other cryptocurrencies: it can be spent on purchases, exchanged, gifted, paid for services, accepted as payment or stored in crypto wallets. The Biterfill app allows you to use DOGE to buy airline tickets, gift certificates at retail shops and services that accept the cryptocurrency, such as IKEA, Asos, Uber, Airbnb, La Redoute and Leroy Merlin. Dogecoin is also widely used on Reddit and Twitter platforms in the form of ‘tips’ for content and help. You can buy the coins on exchanges such as Binance, Kraken and Coinbase, online exchanges or p2p platforms.

Who supports Dogecoin

Dogecoin is supported and developed by the Doge Foundation, a non-profit organisation founded in 2014. The organisation temporarily ceased operations, but relaunched in the summer of 2021 with a renewed set of advisors. Among them are Ethereum co-founder Vitalik Buterin, Elon Musk’s representative Jared Birchall, Dogecoin co-founder Billy Marcus and developer Max Keller.

In 2023, the NFT community of Dogecoin fans known as Own The Doge initiated the production of a documentary about the meme cryptocurrency and the installation of a monument to Kabosu the dog in Japan. On 24 May 2024, it was revealed that Kabosu, the memecoin symbol, passed away at the age of 18.

In 2024, there have been many enquiries about what is Dogecoin popular. This is related to the US presidential election race. During the US presidential election in 2024, Dogecoin received strong support. President-elect Donald Trump appointed Elon Musk and former primary candidate Vivek Ramaswamy to head the new Department of Government Efficiency (D.O.G.E.). This event caused Dogecoin’s exchange rate to rise by 120%. Such jumps in the value of the coin will not surprise you if you know what is Dogecoin.

Crypto market experts believe that Musk’s appointment as head of the department may further stimulate the token’s growth, but warn that DOGE remains a highly speculative asset.

Who is currently running Dogecoin

Following the departure of Marcus and Palmer, the Dogecoin project was taken over by a close-knit development team formed over just two years. The Dogecoin Foundation board, founded by supporters of the cryptocurrency in 2014, took over management of the project. The main faces of the foundation were developers Jens Wiechers, Michi Lumin and Tom Stebbing. The main objective of the foundation was to promote DOGE through charitable initiatives. The most famous of them are:

  • Raising over $50k to fund the Jamaican bobsleigh team’s participation in the Sochi Winter Olympics;
  • Transferring $30k to water purification programmes in Kenya;
  • Paying a NASCAR racing team $55k to place a Dogecoin logo on a car;
  • Introducing a reward system for quality content on Reddit;
  • Organising fundraisers to help the homeless.

These initiatives helped strengthen Dogecoin’s reputation as a currency that promotes good deeds and made it a symbol of unity and mutual aid in the cryptocurrency community.

Does Dogecoin have a future

Once you understand the principles of how does Dogecoin work you can decide for yourself whether to buy assets or not. There is no consensus among crypto investors, as DOGE, like most cryptocurrencies, is subject to high volatility, which can lead to both losses and rapid enrichment.

The issue of Dogecoin’s prospects is controversial among experts. Some believe that reaching a rate of $1 will open the door for further growth and development, especially with the support of celebrities. Others believe that the fate of Dogecoin depends entirely on the hype created by celebrity backers such as Elon Musk and Snoop Dogg. Once they lose interest, the coin could leave the top 10 cryptocurrencies.

“If I had to choose between buying a lottery ticket and Dogecoin, I would choose Dogecoin. But please don’t make me compare it to anything else serious.” – Mark Cuban, investor.

There is no denying that Dogecoin, born as a joke, has been successfully existing for ten years thanks to the activity of the online community. This project is an interesting experiment that demonstrates that anything is possible in today’s world. Perhaps one day these virtual coins with the image of Kabosu the shiba inu will become the currency of lunar and Martian colonies. Who knows, maybe there really is some truth in every joke.

Where to buy and sell Dogecoin

Dogecoin continues to be an affordable and easy to acquire cryptocurrency. Anyone who wants to start investing in crypto can easily buy this coin without spending large sums of money.

It is Dogecoin’s affordability that makes it an attractive option for those who are new to the world of cryptocurrencies. If you decide to buy some altcoins, you have the following options:

  • Cryptocurrency exchanges. Allow you to buy and sell Dogecoin through various trading pairs.
  • Crypto exchanges. A simple and fast way to exchange fiat money for Dogecoin.

To choose the best place to buy or sell Dogecoin, it is important to compare different criteria such as commission, platform reliability and available deposit and withdrawal methods.

Buying and selling Dogecoin on a crypto exchange

If you are satisfied with what is Dogecoin and you intend to buy the token, there will be no difficulties. The coin is represented in most exchanges. Before choosing a trading platform, take into account the following parameters:

  • Commissions. Exchanges charge a fee for transactions, as well as for deposit and withdrawal of funds.
  • Identity verification. Most exchanges require you to verify your identity before depositing fiat currencies. The process can take anywhere from a few minutes to a few days.
  • Payment methods. Methods of funding your account to buy cryptocurrency can vary (e.g. bank transfers, cards, etc.).
  • Security. The most important factor when choosing an exchange. Take into account the history of hacking and the security measures used.

Pros and cons of buying Dogecoin on an exchange

Pros:

  • Profitable exchange rate.
  • Ability to trade and make money on changes in the exchange rate.
  • User-friendly interface.
  • Good support service.
  • High speed of exchange.

Minuses:

  • Risks of hacking exchanges (precedents exist).
  • Necessity to pass verification.
  • High commissions for deposit and withdrawal of fiat funds.
  • Long waiting time for bank transfers.

Conclusion

Now you know who made Dogecoin and what is remarkable about this cryptocurrency. The story of Dogecoin’s creation is a vivid example of how an idea that started as a joke can grow into something more. Originally conceived as a parody project, Dogecoin quickly gained popularity due to its unique style and community support.It’s hard to say what is Dogecoin’s support for the crypto industry without the influence of figures like Elon Musk. His love for this token helped DOGE become one of the top 10 cryptocurrencies by capitalisation. Dogecoin has become a symbol of crypto-enthusiasm and meme culture, remaining relevant and interesting to a wide audience.

Answers to common questions

Who created Dogecoin?

Dogecoin was created by programmers Billy Marcus and Jackson Palmer in 2013 as a parody of bitcoin.

What was the original meaning of Dogecoin?

Dogecoin was originally conceived as a joke cryptocurrency based on a popular meme featuring a Shiba Inu dog.

What factors have contributed to Dogecoin’s popularity?

The main factors are an active community, the support of influencers such as Elon Musk, and a general interest in memes and cryptocurrencies.

Does Dogecoin have any practical applications?

Dogecoin’s main application is related to micro-transactions such as online tips, although it is also used for charitable purposes and various events.

What are Dogecoin’s future prospects?

Dogecoin’s prospects depend on the continued interest of the community and the support of influencers. However, given its popularity and widespread exposure, it may remain an important player in the cryptocurrency space.

How to buy Dogecoin?

The best way to buy Dogecoin is to use the services of a cryptocurrency exchange. Here are the step-by-step instructions. Create an account on the chosen exchange and go through the KYC (identity verification) procedure for full access to the platform’s features. Deposit funds into your exchange account using a convenient method (bank transfer, card, etc.). Find the desired trading pair, for example, DOGE/USDT to buy Dogecoin for Tether (USDT) stablecoin. Decide on the type of order. For example, if you want to buy Dogecoin immediately at the current market price, choose an order of Market type. Specify the required amount of Dogecoin you plan to purchase. Click the Buy DOGE button to complete the purchase and credit Dogecoin to your exchange account.

Should I buy Dogecoin?

DOGE is a popular coin. When investing, you should take into account that buying any asset, especially a cryptocurrency, is always a risk. Risks with Dogecoin are no different from all other cryptocurrencies.