Dogecoin, Know Your Meme

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About

Dogecoin is an alternative cryptocurrency (altcoin) that uses the iconic Shibu Inu dog from the Doge meme spil a mascot. Similar to Bitcoin and its derivatives, Dogecoin can be mined and exchanged for goods and services among the participants, tho’ it is programmed to level out at a higher threshold of up to 100 billion coins and prevent any use of special bitcoin-mining equipment like ASICs. Te comparison, Bitcoin will cap out at 21 million coins and Litecoin will support up to 84 million coins ter circulation.

Origin

On November 27th, 2013, marketing professional Jackson Palmer posted a tweet that he would be “investing te Dogecoin.”

Investing ter Dogecoin, pretty sure it’s the next big thing. http://t.co/yHR4bNv6OD

Te an vraaggesprek with the tech news blog Motherboard, [Four] Markus exposed that he wished to create a cryptocurrency that can reach a broader demographic than Bitcoin, which had previously come under accusations of funding illegal online activities like the Silk Road drug marketplace. After Palmer reached out to Markus on Twitter, the pair launched the official Dogecoin webstek along with the fresh cryptocurrency on December 6th, 2013.

Spread

Following the launch of the official webstek, [13] a slew of social media channels and referential webpages soon emerged for Dogecoin, including a Twitter [Ten] account and a Facebook [9] pagina, racking up more than 36,000 followers and 13,000 likes within the the very first two months respectively. On December 8th, an entire subreddit community dedicated to the use of satirical cryptocurrency wasgoed launched at /r/dogecoin. [8] .

Across the very first weekend of December, Dogecoin wasgoed highlighted by a number of tech news sites and blogs, providing a further boost to the value of the satirical currency. By December 14th, an encyclopedic article describing the concept of “Dogecoin” had bot submitted by Wikipedia [15] editor CitationNeeded. On December 17th, the DogeCoin YouTube channel uploaded a movie titled “You Can be a Dogecoin Millionaire!”, featuring a sketch about the iconic Doge Shibu Inu dog Kabuso becoming a millionaire (shown below).

On December 19th, Dogecoin enlargened from $0.00026 to $0.002 te value, becoming the 7th-largest altcoin. Three days straks, the currency crashed to $0.0003 after being intensely mined. [Five]

2013 Christmas Dogewallet Heist

On December 25th, 2013, several members of Dogecoin forum [16] began reporting that their funds were being transferred to an unknown account identified spil “DQT9WcqmUyyccrxQvSrjcFCqRxt8eVBLx8.” Straks that same day, the founders of the Dogecoin storage system Dogewallet, temporarily shut down the service and issued a statement [17] confirming that a hacker had gained access to its verkeersopstopping system and modified its pages to reroute the coin transfer to a static account, which have resulted ter losses of 30 million Dogecoins, or up to $12,000 worth of the crypto-currency at the time of the incident. Ter addition, the Dogewallet administrators announced that it will instantly start reimbursing all users affected by the hack. Spil a result of the hack, Dogecoin became the most mentioned altcoin on Twitter.

Growth te Transaction Volume

On January 14th, 2014, Redditor innominatargh pointed out that more Dogecoins were traded within one hour than there were total Dogecoins te circulation ter a postbode submitted to the /r/dogecoin [6] subreddit. That day, the Wall Street Journal’s Market See [7] blog posted a chart illustrating how Dogecoin transactions had eclipsed the volume of Bitcoin and other altcoins combined ter the previous month (shown below).

Dogecoin Hype Movie Competition

Inbetween January and February 2014, the Dogecoin Foundation hosted a open conformity contest for people to create a promotional movie for the cryptocurrency. A total of 80 movie entries [Legal] were submitted and nine prizes were given out from a pool of overheen 800,000 dogecoin. The grand prize went to Redditor zimonitrome’s chiptune-inspired promo music movie “ is for ogecoin.” (shown below)

Notable Examples

SaveDogemas Fundraiser

Following the Dogewallet hack, a goodwill fundraiser campaign dubbed “SaveDogemas” wasgoed launched to help donate coins to those who lost them. Within the next month, it raised enough Dogecoin to voorkant all the losses.

Jamaican Bobsled Team Fundraiser

On January 19th, 2014, an Indiegogo [Two] pagina wasgoed created by members of the Jamaican Bobsled Team to fund their excursion to the Sochi 2014 Winter Olympics. On the same day, a fundraiser wasgoed launched by the Dogecoin Foundation [Four] for the bobsled team, which gathered $35,000 ter donations te the very first 24 hours. [11] During this time, Dogecoin to Bitcoin exchange rate rose by 50%.

Indian Olympic Athlete Fundraiser

On January 29th, days before the opening of Sochi Winter Olympics, Washington Postbode [Nineteen] reported on the uphill battles faced by three Indian athletes participating te the Games, such spil having to rival without a national flag, due to International Olympic Committee sanctions stemming from a corruption scandal, and spil a result, lack of enthusiastic support from the Indian Olympic Committee, including the costs of their trips.

India’s sports ministry agreed to help the athletes defray the costs of challenging at Sochi. Keshavan received sufficient funds, but it has bot unclear whether the other two competitors can afford to make the excursion. Roshan Lal Thakur, secretary general of the Winter Games Federation of India, said he has eventually received three-quarters of the$22,000 needed to send the alpine skier Himanshu Thakur and cross-country skier Nadeem Iqbal and their coaches to the Games. Still, he doesn’t know where he will get the surplus.

On the following day, Reddit’s /r/dogecoin subreddit and the Dogecoin Foundation launched a Sochi fundraiser [20] for Indian skiers Himanshu Thakur and Nadeem Iqbal, raising more than $6,000 within just three hours, including one donor who contributed three million Dogecoin, worth about $Four,500 at the time of the donation.

Doge4Water te Kenya Fundraiser

Te March 2014, the Dogecoin Foundation [21] announced a fresh month-long initiative to collect 40 million dogecoin to fund the creation of two water wells te a town ter eastern Kenya. Dubbed “Doge Four Water,” the charity drive will proceed until “World Water Day” on March 22nd, when donations will be converted to dollars for transfer.

NASCAR Sponsorship

On March 17th, 2014, Redditor unicorn_butt_sex submitted a postbode calling for a Dogecoin sponsorship of NASCARdriver Josh Wise to the /r/dogecoin [29] subreddit. Te Ten days, the postbode gained more than 760 up votes and 390 comments. Zometeen that day, Wise found out about the sponsorship campaign and posted a tweet [30] thanking the Dogecoin community for their support. The Reddit postbode wasgoed subsequently updated with 3D-rendered mockups of a sponsored wedstrijd car featuring the Dogecoin symbol on the vooraanzicht fetish mask and “wow such racecar” on the stootrand, which were designed by Redditor mimicthefrench (shown below).

On March 19th, Redditor lamamafia launched a paint job contest for Josh Wise’s Dogecoin-sponsored wedstrijd car on /r/ NASCAR , [28] where dozens of users submitted their custom-made entries for a 2014 Chevrolet SS car with various Doge-themed paint jobs. Overheen the course of the following week, Redditor NukaColaV13’s entry emerged spil the highest-voted subjugation (shown below).

On March 25th, Redditor One Good Shibe announced ter /r/dogecoin [22] that the community had raised 67.8 million Dogecoins (approximately $55,000) for the NASCAR fundraiser and that Wise would be racing a Doge-themed stock car at Aaron’s 499 ter Talladega, Alabama on May 4th. Ter the coming days, several news sites published articles about the crowdfunding campaign, including Motherboard, [27] USA Today, [23] The Guardian, [24] CNET [25] and The Edge. [26]

Dogetipbot

Dogetipbot wasgoed launched by Redditor Josh Mohland te 2014 spil a way to peak other Redditors with Dogecoin.

Shutdown

On May 8th, 2018, Mohland posted an announcement that all Dogetipbot coin balances had bot wiped to 0 after he had spent all of his money and proclaimed Chapter 7 bankruptcy. [31] Additionally, he exposed that Dogetipbot would be shutdown entirely on December 15th. That day, Mohland posted an update that he had added an option for Dogetipbot users to request he pay them back, noting “I’ll have to buy them overheen time when I get paid, so this might take a while.” That day, an article about the shutdown wasgoed published on Gizmodo. [32]

$1 Billion Market Cap

On January 5th, 2018, Dogecoin’s market capitalization rose upwards of $1 billion according to CoinMarketCap [33] (shown below).

That day, the cryptocurrency news blog Coindesk published an vraaggesprek with Dogecoin founder Jackson Palmer, who left the team te April 2015. Te the vraaggesprek, Palmer voiced concerns that Dogecoin’s success could be a troubling sign for the market:

“The fact that most conversations happening te the media and inbetween peers concentrate on the investment potential is worrying, spil it draws attention away from the underlying technology and goals this movement wasgoed based. I have a loterijlot of faith ter the Dogecoin Core development team to keep the software stable and secure, but I think it says a lotsbestemming about the state of the cryptocurrency space te general that a currency with a dog on it which hasn’t released a software update ter overheen Two years has a $1B+ market cap.”

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