What would you think if someone today created a new cryptocurrency, and it was very obvious from the start that it was intended to be satirical? A lot of people probably wouldn’t even give it a second thought. That was certainly the case when Bitcoin Clashic hit the scene last year. But when it comes to Dogecoin, the Internet embraced it.
Even today it’s still a widely used, traded, and community supported cryptocurrency. It’s available on almost every exchange, and is supported by a number of popular multi-asset wallets.
So read on as we go over more about the history, present, and future of this silly yet highly effective cryptocurrency.
Cryptocurrency as satire?
Created back in December 2013 by creators Billy Markus and Jackson Palmer, the currency was originally intended for two main purposes. Arguably, the primary purpose of Dogecoin was to act as a satirical commentary on the sudden explosion and ridiculous valuations of the new currencies coming out at that time.
Back in 2013, all sorts of random and debatably pointless cryptocurrencies were created and had million-dollar market caps after just a few days online. One of those was “BBQ Coin“, which at one point had a market cap of nearly $8 million, and is now effectively worth nothing.
The second goal was to create a currency that was fun and more readily accessible than the dominant bitcoin. Dogecoin was also designed to have a very large supply in the hundreds of billions so that each individual unit would always have a low price. Other intentions for the currency were to be used as an online tipping currency, such as for Reddit comments or YouTube videos, among other things.
The creators of Dogecoin used the popular Doge meme as the name and symbol for the new cryptocurrency. Word of the currency spread quickly through the Internet thanks to an innovative guerrilla marketing campaign using the characteristics of the Doge meme. This usually involved a picture of the Doge character alongside various…