Do you know what Carole Baskin, Elon Musk and Snoop Dogg have in common?
Over the years, all have come out in support of Dogecoin.
So what is Dogecoin all about?
Dogecoin was created in 2013 by Billy Markus and Jackson Palmer. The pair created the currency as a joke, adopting the at-the-time- ubiquitous Shiba-Inu from the “Doge” meme to be the mascot and namesake of their nascent currency.
Technologically speaking though, Dogecoin is no joke. The meme token is actually a fork of Litecoin that shifted to an auxiliary proof of work confirmation algorithm in 2014 in order to prevent competition with Litecoin’s Mining Pools. Since then, Dogecoin has been merged-mining with Litecoin.
Initially created with a supply cap of 100 billion DOGE, the developers decided to waive the cap in 2014, meaning there is an infinite supply of DOGE.
Explainer: Merged Mining refers to the activity of mining two or more cryptocurrencies simultaneously without sacrificing mining power.
Within mere months of the inception of Dogecoin, the cryptocurrency had acquired mining pools, had been listed on multiple exchanges, and acquired the cult following of a very active community on Reddit.
As the coin’s popularity grew around the internet, its most famous application came into being on Reddit, where users would use the Dogecoin tipping bot to send micropayments to each other as tips for outstanding content or comments.
The coin became so prevalent on the platform that Jackson Palmer was quoted as saying “Pretty much everyone who used Reddit had Dogecoin “.
With everything that’s happened in recent months concerning Reddit and the stock market, we have a good idea today of how powerful Reddit is. Back in 2014, Reddit surprised the world, Dogecoin creator, Jackson Palmer became aware that the Jamaican bobsled team had qualified for the Olympics, but lacked the funds to go. Palmer rallied the Reddit community, and together they raised more than $25,000 worth of DOGE in a matter of hours to send Jamaica to the Sochi Olympics. During the rally, Dogecoin even overtook the transaction volume of Bitcoin for a short time in January 201 as netizens pledged their funds to support the team.
Since then, the community has rallied behind supporting clean water facilities in Kenya, sponsoring a NASCAR Driver, and bringing an Indian luger to the Olympics.
The coin hasn’t been without its share of controversy though. Disgraced cryptocurrency exchange Moolah caused waves in the community by giving out free DOGE for upvotes on Reddit. Though some publicly decried the effort, many others partook in the free handouts.
After winning over a sizeable amount of the community, Moolah raised $300,000 of funding from the Dogecoin community before quickly declaring bankruptcy and squandering the funds. Things took an even darker twist when allegations of criminal misconduct were levied against the exchange’s creator, including fraud and money laundering charges, and 3 rape charges that led to convictions.
As a result of the fallout, Dogecoin creator Jackson Palmer took a step back from the cryptocurrency community and has been a reticent advocate of his widely popular invention.
Even as its creators have moved away from the scene, Dogecoin’s robust community of supporters, from internet forums to celebrities has led to several Doge-rallies, and if one believes crypto-twitter, the Dogearmy is strong.
With support from the likes of Snoop Dogg, Elon Musk, and the infamous WallStreetBets community, there’s no telling where Doge will go next.