History of Dogecoin

It started of as a joke on Twitter, where Jackson Palmer wrote “Investing in Dogecoin, pretty sure it’s the next big thing.” At this point Dogecoin did not even exist. Encouraged by Twitter, he reached out to Billy Markus to clone another crypto currency called Litecoin. The only difference to Litecoin: A Doge Meme Branding.

Original Doge meme features a Shiba Inu doge with colorful text blurbs.

On the 8. December 2013 Billy Markus and Jackson Palmer introduced Dogecoin to the public. The currency featured an enormous number of coins mined at a very fast speed compared to others. The coin abundance is seen as a psychological feature since people dislike the numerous fractions with Bitcoin. It is nicer to send Ð1000 than ฿0.1 to each other. On the other hand the fast mining means more miners continuously dumping coins, which makes it harder to rise in value.

Quickly, an active reddit community formed. The /u/dogetipbot became popular, as it enabled easy tipping with comments. On December 19, Dogecoins value jumped by more than 300%.

Right on Christmas a major theft shocked the community. Online wallets were cracked and over 30,000,000 Doge were stolen from thousands of people. Under the “Save Dogemas” banner a charity emerged, which collected donations to reimburse part of the losses. This whole event gave Doge quite some Twitter exposure.

In January, a whole charity series started. The jamaican bobsled team asked for donations, so they could go to the 2014 Winter Olympics in Sochi. The “Cool Runnings 2” motto surely raised a lot attention. Nearly $30,000 were raised in Dogecoins on January 19. As a followup, they donated $7000 for Shiva Keshavan, an indian luge athlete, within three hours on January 29. On February 6, the target of 20,000,000 Doge for Doge 4 Kids was reached. That means a donation of $30,000. The Dogecoin Foundation seems to have a bright future for charity.

Also on January 29, the Vault of Satoshi exchange created the first possibility to trade Doge directly for US dollar. Before, you had to use Bitcoin as a step between. This is an important step, as it makes Doge more independent from the “crypto gold standard.”

One comment

  1. Pingback: Jamaica Bobsled and Dogecoin | Crypto Frenzy

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