Dogecoin is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system as a joke, making fun of the wild speculation in cryptocurrencies at the time.
It is considered both the first “meme coin”, and more specifically the first “dog coin”. Despite its satirical nature, some consider it a legitimate investment prospect. Dogecoin features the face of Kabosu from the “doge” meme as its logo and namesake.
It was introduced on December 6, 2013, and quickly developed its own online community, reaching a peak market capitalization of over US$85 billion on May 5, 2021. As of 2021, it is the sleeve sponsor of Watford Football Club.
Dogecoin.com promotes the currency as the “fun and friendly Internet currency”, referencing its origins as a “joke”.
Software engineers Billy Markus and Jackson Palmer launched the satirical cryptocurrency as a way to make fun of Bitcoin and the many other cryptocurrencies boasting grand plans to take over the world.
With the help of Reddit, the site became an instant hit. Within two weeks, Dogecoin had established a dedicated blog and forum, and its market value reached $8 million, once jumping to become the seventh largest electronic currency in the world.
Dogecoin’s Currency Supply
Dogecoin started with an intended supply limit of Ð100 billion, which would have been far more coins than the top digital currencies were then allowing.
By mid-2015, the 100 billionth Dogecoin had been mined, with an additional Ð5 billion put into circulation every year thereafter. In February 2014, Palmer announced that the limit would not be added in the codebase in an effort to create a consistent inflation rate over time.