# Dogecoin > Dogecoin is a 2013 cryptocurrency created by Billy Markus and Jackson Palmer as a Bitcoin parody, featuring the Doge meme's Shiba Inu, and peaking at $85 billion in market cap. Dogecoin is a cryptocurrency launched on December 6, 2013, by software engineers Billy Markus and Jackson Palmer as a joke riffing on the Doge meme and Bitcoin hype[5]. Widely considered the first "meme coin," it went from a parody altcoin to a multibillion-dollar digital currency, peaking at over $85 billion in market cap in May 2021[2]. Its community, self-dubbed "shibes," funded everything from the Jamaican bobsled team's Olympic trip to a NASCAR car wrapped in a Shiba Inu's face[1]. ## Origin On November 27, 2013, Jackson Palmer, a marketing professional at Adobe's Sydney office, tweeted that he was "investing in Dogecoin, pretty sure it's the next big thing"[4]. It was a throwaway joke combining two of the internet's hottest topics: cryptocurrency and the Doge meme. Friends encouraged him to follow through[16]. One night after work, Palmer bought the domain Dogecoin.com, Photoshopped the Doge Shiba Inu onto a coin, and put up a splash page in Comic Sans with a note: if you want to make this real, get in touch[11]. On the other side of the world in Portland, Oregon, IBM software developer Billy Markus spotted the website. Markus had just built a cryptocurrency called "Bells," named after the currency in Nintendo's Animal Crossing, but the crypto community hadn't gotten the joke[11]. He emailed Palmer, and without waiting for a reply, started building Dogecoin's code anyway. The technical work was fast. Markus forked the protocol from Luckycoin, itself derived from Litecoin[5]. He changed the font to Comic Sans, swapped every mention of "mine" for "dig," and set the initial supply at 100 billion coins with randomized mining rewards[11]. "From 'that seems like it's funny' to actually doing it took about three hours," Markus told CNET[11]. Neither founder premined any coins. Markus was the first person to mine Dogecoin on his gaming PC, but his computer couldn't keep up after about five minutes as other miners piled in. He split what he'd mined 50-50 with Palmer[11]. They pushed the cryptocurrency live on December 6, 2013[3]. - **Platform:** Twitter (initial joke), Dogecoin.com / Bitcointalk (launch) - **Creator:** Jackson Palmer (concept, marketing), Billy Markus (developer) - **Date:** 2013 ## Overview Dogecoin is an open-source, peer-to-peer digital currency running on a proof-of-work blockchain using the Scrypt algorithm, the same technology behind Litecoin[8]. Its ticker symbol is DOGE and its currency sign is Ð. The coin leans heavily into internet humor: Comic Sans font throughout, the word "mine" swapped for "dig" (because dogs dig, not mine), and a Shiba Inu plastered across all branding[11]. Unlike Bitcoin's hard cap of 21 million coins, Dogecoin has no maximum supply[6]. Around 10,000 new DOGE are created per block, with blocks mined every minute, adding roughly 5.256 billion coins per year to the circulating supply[12]. This inflationary design was intentional. It's meant to encourage spending rather than hoarding, making DOGE better suited for tipping and microtransactions than for long-term value storage[3]. The coin's one-minute block time also gives it faster transaction speeds than Bitcoin for everyday payments[12]. The official tagline is "Do Only Good Everyday," and dogecoin.com describes it as "the accidental crypto movement that makes people smile"[10]. The community is known for charitable fundraising, absurd stunts, and an infectious enthusiasm that attracted users who'd never otherwise touch cryptocurrency[9]. ## How It Spread Dogecoin picked up users at a speed that shocked both founders. Within 30 days of launch, Dogecoin.com drew over one million visitors[5]. By December 19, just 13 days after going live, the coin's value jumped nearly 300% in 72 hours, rising from $0.00026 to $0.00095[18]. This happened while Bitcoin and most other altcoins were crashing after China banned bank investment in cryptocurrency. Dogecoin was one of the only coins that went up during the crash[16]. Reddit's r/Dogecoin became the coin's center of gravity. Users tipped each other DOGE through the "dogetipbot," a Reddit bot that let people send small amounts of Dogecoin as rewards for good posts[15]. The low value of each coin made tipping feel playful rather than transactional. By 2014, the bot had processed roughly $150,000 in tips among 56,000 users[15]. On Christmas Day 2013, the wallet platform Dogewallet was hacked, with millions of coins redirected to a single address[19]. The hack became the most-tweeted altcoin event at the time[5]. The community responded by launching "SaveDogemas," a donation drive that raised enough to reimburse every affected user within about a month[5]. In January 2014, Dogecoin's trading volume briefly surpassed that of all other cryptocurrencies combined, including Bitcoin[9]. That same month, the community raised $30,000 to send the Jamaican bobsled team to the 2014 Winter Olympics in Sochi[14]. They raised $25,000 for a UK service dog charity and $30,000 for clean water wells in Kenya[1]. The NASCAR sponsorship brought peak visibility. In March 2014, members of Reddit's r/NASCAR noticed driver Josh Wise was racing without a sponsor. They appealed to r/Dogecoin, and within eight days, 1,200 donations averaging $41 each raised 67.5 million DOGE, worth roughly $55,000[1]. The car's design was crowdsourced on Reddit and the #98 was nicknamed the "Moonrocket"[17]. The Moolah.io founder accidentally donated 20 million DOGE by adding an extra zero but honored the mistake[2]. ## How to Use Dogecoin isn't a meme template you remix. It's a functional cryptocurrency. Typical uses include: 1. **Buy DOGE** on a major exchange like Binance, Coinbase, or Kraken 2. **Store it** in a digital wallet (software or hardware) 3. **Tip content creators** by sending small amounts of DOGE to their wallet addresses on social media platforms[8] 4. **Spend it** at merchants who accept DOGE, including SpaceX and the Dallas Mavericks[7] 5. **Mine it** using a GPU on Windows, Mac, or Linux, though solo mining is impractical for most people at this point[7] ## Cultural Impact Before Dogecoin, cryptocurrency was mostly associated with Silk Road and technically complex libertarian experiments[16]. By putting a goofy dog on a coin and making it easy to tip people with fractions of a cent, Markus and Palmer built something that felt approachable to people who'd never touched crypto before. The coin drew coverage from Bloomberg, Business Insider, The Verge, The Guardian, and basically every major tech publication within weeks of launch[16]. When Musk began tweeting about it in 2021, the financial press covered every tweet like a market event. The 2021 boom pushed DOGE to an $85 billion market cap, making it briefly one of the largest cryptocurrencies on earth[5]. Dogecoin spawned an entire category of dog-themed and meme-based cryptocurrencies. Shiba Inu (SHIB), Floki (FLOKI), and Dogelon Mars (ELON) all borrowed from Dogecoin's playful branding and community-driven model[12]. The concept of the "meme coin," a cryptocurrency whose value comes primarily from internet culture rather than technical innovation, traces directly back to DOGE[5]. Watford Football Club in England made Dogecoin its sleeve sponsor in 2021[5]. In January 2025, the name took on a second meaning when President Donald Trump established the Department of Government Efficiency, abbreviated DOGE, with Elon Musk appointed to lead it. Despite the shared acronym, there's no official connection between the government initiative and the cryptocurrency[12]. ## Fun Facts - Billy Markus's gaming PC could only mine Dogecoin for about five minutes before too many other miners joined and his hardware couldn't keep up[11]. - Palmer bought the Dogecoin.com domain and put up the splash page before any actual cryptocurrency code existed. The real coin was built after Markus saw that page[16]. - Markus admitted he didn't understand large chunks of Bitcoin's source code. Building Dogecoin was essentially a find-and-replace job on Litecoin's codebase[11]. - The Moolah.io founder accidentally donated 20 million DOGE to the NASCAR fundraiser by adding an extra zero to his intended contribution, but decided to keep the mistake[2]. - Dogecoin has not received a major technical update since 2015, yet it maintained a multibillion-dollar market cap for years on community momentum alone[9]. ## Frequently Asked Questions ### What is Dogecoin? Dogecoin is an open-source, peer-to-peer cryptocurrency created in 2013 as a parody of Bitcoin, featuring the Shiba Inu dog from the Doge meme as its logo and branding[5]. ### Where did Dogecoin come from? Jackson Palmer, a marketer at Adobe in Sydney, tweeted about "investing in Dogecoin" on November 27, 2013[4]. IBM developer Billy Markus built the actual coin, and they launched it on December 6, 2013[3]. ### What does Dogecoin mean? The name combines "Doge," the internet meme featuring a Shiba Inu dog with Comic Sans inner monologue, and "coin" for cryptocurrency. The ticker symbol is DOGE[8]. ### How do you use Dogecoin? You can buy DOGE on exchanges like Binance and Coinbase, store it in a digital wallet, and use it for tipping, online transactions, or spending at merchants that accept it[8]. ### Is Dogecoin still popular? Dogecoin peaked in May 2021 with an $85 billion market cap[5]. As of the latest available data, it was still among the top 10 cryptocurrencies by market cap on CoinMarketCap[7]. ### Who created Dogecoin? Billy Markus, a software developer at IBM in Portland, Oregon, and Jackson Palmer, a marketing professional at Adobe in Sydney, Australia[11]. Markus handled the code; Palmer handled the branding and domain[16]. ### Why was Dogecoin created as a joke? Palmer and Markus wanted to satirize the explosion of altcoins flooding the market in late 2013. Palmer's original tweet was mocking the crypto hype, and Markus had already tried (and failed) to launch a joke coin called "Bells" based on Animal Crossing currency[11]. ### How much was Dogecoin worth at its peak? Dogecoin hit approximately $0.73 on May 5, 2021, with a total market cap exceeding $85 billion[5]. ### What role did Elon Musk play in Dogecoin's rise? Musk began tweeting about Dogecoin in 2019, calling it his "fav cryptocurrency"[9]. His tweets in early 2021 helped drive an 800% price surge[5]. He appeared on SNL in May 2021 and called it "a hustle," after which the price crashed[7]. ### What was the Dogecoin NASCAR car? In March 2014, the r/Dogecoin Reddit community raised 67.5 million DOGE (about $55,000) to sponsor Josh Wise's #98 car at Talladega Superspeedway, nicknamed the "Moonrocket"[1]. ### What happened to the Dogecoin founders? Palmer left cryptocurrency in 2015, calling the space "fundamentally exploitative." Markus largely agreed. Both stepped away from Dogecoin development early on[5]. ### What is the Dogecoin Foundation? A nonprofit originally formed in 2014, it went inactive after the founders left. It was relaunched in August 2021 with advisors including Vitalik Buterin and a representative for Elon Musk[7]. ### Is Dogecoin inflationary? Yes. Unlike Bitcoin's 21-million-coin cap, Dogecoin has no maximum supply. About 5.256 billion new DOGE enter circulation each year through mining[12]. ### What charitable causes did the Dogecoin community fund? The community raised $30,000 to send the Jamaican bobsled team to the 2014 Olympics[14], $25,000 for service dogs for children, $30,000 for clean water wells in Kenya[1], and $55,000 for the NASCAR sponsorship[1]. ### What is the connection between Dogecoin and the Department of Government Efficiency? In January 2025, President Trump established the Department of Government Efficiency, also abbreviated DOGE, led by Elon Musk. Despite the shared acronym, there is no formal connection between the government initiative and the cryptocurrency[12]. ## References 1. [Dogecoin raises $55,000 to sponsor Nascar driver | Cryptocurrencies | The Guardian]() 2. [A Dogecoin-sponsored NASCAR is happening after group raises more than $44,700 | The Verge]() 3. [Dogecoin (DOGE): Cryptocurrency Overview, History, and Uses]() 4. [Dogecoin - Know Your Meme]() 5. [Dogecoin]() 6. [Dogecoin - Urban Dictionary]() 7. [Dogecoin price today, DOGE to USD live price, marketcap and chart | CoinMarketCap]() 8. [Dogecoin (DOGE) in Crypto: What It Is, History, Uses | The Motley Fool]() 9. [Dogecoin (DOGE): A Fun and Friendly Cryptocurrency | Gemini]() 10. [Dogecoin - An open-source peer-to-peer digital currency]() 11. [Dogecoin: Cryptocurrency like bitcoin, but kind of a joke - CNET]() 12. [Dogecoin's Rise: From Internet Joke to Iconic Meme Coin]() 13. [The Crazy Dogecoin History - From Meme To Market Cap Giant!]() 14. [[ANN][DOGE] Dogecoin - very currency many coin - v1.10.0]() 15. [Home - Jamaican Bobsled Team - Dogecoin Fund]() 16. [Reddit Users Lose Real Money After Meme Currency Bot Dies]() 17. [Such Weird: The Founders of Dogecoin See the Meme Currency's Tipping Point]() 18. [Dogecoin Crashed This Weekend - Business Insider]() 19. [Talladega Shibe: Dogecoin Is Headed to NASCAR]() 20. [To the moon! Dogecoin fetches 300 percent jump in value in 24 hours - Digital Trends]() 21. [Dog Walk - Dogecoin Foundation]() 22. [Dogewallet hacked!]() --- Source: https://meme.com/memes/dogecoin Published by meme.com — The Internet Meme Library