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Dogecoin (symbol: DOGE) is a cryptocurrency developed by software developers Billy Markus and Jackson Palmer with the goal of creating a payment system that is quick, entertaining, and free of typical banking costs. Dogecoin’s emblem and name are inspired by the Shiba Inu dog from the “Doge” meme. It was first released on December 6, 2013, and it swiftly grew an online following, achieving a market value of $85,314,347,523 on May 5, 2021.

Dogecoin was founded by IBM software engineer Billy Markus of Portland, Oregon, and Adobe software developer Jackson Palmer, who wanted to build a peer-to-peer digital currency that might appeal to a wider audience than Bitcoin. They also sought to separate it from the contentious history of previous coins. Dogecoin was formally launched on December 6, 2013, and over a million people visited Dogecoin.com in the first 30 days.

Palmer was a member of the Adobe Systems marketing department in Sydney at the time, and he is credited with bringing the idea to life. Palmer had acquired the name Dogecoin.com and created a splash screen with the coin’s emblem and Comic Sans text strewn around. After seeing the site, Markus contacted Palmer and began working on developing the money. Markus modelled Dogecoin’s protocol on existing cryptocurrencies such as Luckycoin and Litecoin, both of which employ scrypt technology in their proof-of-work algorithms. Miners must utilise specialised FPGA and ASIC devices for mining due to the usage of scrypt, which are believed to be more complicated to build than SHA-256 bitcoin mining equipment.

Dogecoin’s value surged over 300 percent in 72 hours on December 19, 2013, from US$0.00026 to $0.00095, with a daily volume of billions of Dogecoins. This expansion happened when bitcoin and many other cryptocurrencies were suffering due to China’s decision to prohibit Chinese banks from investing in the bitcoin ecosystem. Due to this incident and huge mining pools abusing the tiny amount of processing power necessary to mine Dogecoin at the time, Dogecoin had its first big collapse three days later, falling over 80%.

Millions of Dogecoins were stolen after a breach on the online cryptocurrency wallet platform Dogewallet on December 25, 2013, marking the first big loss of the cryptocurrency. The hacker accessed the platform’s disc and changed the send/receive page to transmit all coins to a single address. Although it was in response to a bad occurrence, this hacking incident resulted in a rise in tweets about Dogecoin, making it the most discussed cryptocurrency on Twitter at the time. The Dogecoin community initiated a campaign called “SaveDogemas” to aid individuals who lost money on Dogewallet when it was hacked. After about a month, enough money had been given to cover all of the coins that had been taken.

Dogecoin’s trading volume temporarily topped that of Bitcoin and all other crypto-currencies combined in January 2014, however its market value remained well below that of Bitcoin. Originally, Dogecoin offered a randomised reward for each mining block; however, in March 2014, this behaviour was changed to a static block reward.

Jackson Palmer stated in April 2015 that he will be taking a “extended leave of absence” from the bitcoin community.

Dogecoin temporarily hit a $0.017/coin peak on January 7, 2018, during the 2017 to early 2018 cryptocurrency boom, bringing its total market value at USD 2 billion.

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