Dogecoin with a picture of Doge


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Updated Apr 19, 2023 at 12:45PM EDT by Philipp.

Added Jan 20, 2014 at 04:49PM EST by Don.

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Dogecoin is an alternative cryptocurrency (altcoin) that uses the iconic Shibu Inu dog from the Doge meme as a mascot. Similar to Bitcoin and its derivatives, Dogecoin can be mined and exchanged for goods and services among the participants. Unlike Bitcoin and other cryptocurrencies, Dogecoin does not have a supply limit, meaning that an unlimited number of Dogecoin can theoretically be mined.


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

In an interview with the tech news blog Motherboard,[4] Markus revealed 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 website along with the new cryptocurrency on December 6th, 2013.

Dogecoin originally had a supply limit of 100 billion coins, which was removed in February 2014.


Following the launch of the official website,[13] a slew of social media channels and referential webpages soon emerged for Dogecoin, including a Twitter[10] account and a Facebook[9] page, racking up more than 36,000 followers and 13,000 likes within the the first two months respectively. On December 8th, an entire subreddit community dedicated to the use of satirical cryptocurrency was launched at /r/dogecoin.[8] .

iconic shiba inu doge with a graph tracing its outline and doge style comments about the state of the graph during its different phases dogecoin next to a qr code blueprint of the iconic shiba inu doge

Throughout the first weekend of December, Dogecoin was 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 been submitted by Wikipedia[15] editor CitationNeeded. On December 17th, the DogeCoin YouTube channel uploaded a video 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, 2013, Dogecoin increased from $0.00026 to $0.002 in value, becoming the 7th-largest altcoin. Three days later, the currency crashed to $0.0003 after being heavily mined.[5]

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 as "DQT9WcqmUyyccrxQvSrjcFCqRxt8eVBLx8." Later 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 file system and modified its pages to reroute the coin transfer to a static account, which have resulted in losses of 30 million Dogecoins, or up to $12,000 worth of the crypto-currency at the time of the incident. In addition, the Dogewallet administrators announced that it will immediately begin reimbursing all users affected by the hack. As a result of the hack, Dogecoin became the most mentioned altcoin on Twitter.

Growth in Transaction Volume

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

Bitcoin transactions vs. Dogecoin transactions Number of daily unique transactions, in thousands 200 180 160 140 120 100 80 60 40 20 -Bitcoin transactions - Dogecoin transactions Jan Source: Oct Nov Dec

Dogecoin Hype Video Competition

Between January and February 2014, the Dogecoin Foundation[3] hosted a open submission contest for people to create a promotional video for the cryptocurrency. A total of 80 video entries[18] were submitted and nine prizes were given out from a pool of over 800,000 dogecoin. The grand prize went to Redditor zimonitrome's chiptune-inspired promo music video "Ð is for Ðogecoin." (shown below)

SaveDogemas Fundraiser

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

wow rich shibe poor shibe much nice very shar 90 so community Savemogemas YEAR OF THE DOG It's the year of the Doge. On Christmas Day, the spirit of Dogemas was damaged when hackers infiltrated Dogewallet and Instadoge, stealing over D30,000,000 from thousands of friendly shibes. The dogecoin community is coming together to reimburse as much of their losses as possible. Thanks to your help, we have already raised D15,006,517 for the cause. We are looking to raise at least Đ15,000,000. Claims have been closed! Thanks to everyone who donated If you have any questions on a claim please visit and PM user MasterCamera D Donation Address: DCCpdXmwD9TjqnXvmm7NrrBQt2nBKEPDSt Please help your fellow shibes. Questions and More Information can be found on Reddit Also, you can meet our team Here. 135 e676ShareGoogle ail Redit 9081 Google + 58 Email 5 d, Reddit 9001 Share

Jamaican Bobsled Team Fundraiser

On January 19th, 2014, an Indiegogo[2] page was created by members of the Jamaican Bobsled Team to fund their trip to the Sochi 2014 Winter Olympics. On the same day, a fundraiser was launched by the Dogecoin Foundation[14] for the bobsled team, which gathered $35,000 in donations in the first 24 hours.[11] During this time, Dogecoin to Bitcoin exchange rate rose by 50%.

Jamaican Bobsled Fund Home Dogecoin Foundation Total Donated: 1,243,545 DOGE + 35 BTC (117.79%) $35,337 Donated $30,000 Needed 100% Thanks to all your generous donations, over $30,000 in Dogecoins has been raised towards the Jamaican Bobsled Team! The foundation has withdrawn and converted around $30,000 worth Dogecoins to 35 BTC. The figures shown above are based on the current balance of the wallet, with the added 35 BTC equivalent.

Indian Olympic Athlete Fundraiser

On January 29th, days before the opening of Sochi Winter Olympics, Washington Post[19] reported on the uphill battles faced by three Indian athletes participating in the Games, such as having to compete without a national flag, due to International Olympic Committee sanctions stemming from a corruption scandal, and as 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 competing at Sochi. Keshavan received sufficient funds, but it has been unclear whether the other two competitors can afford to make the trip. Roshan Lal Thakur, secretary general of the Winter Games Federation of India, said he has finally 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 rest.

“Maybe I have to borrow from friends,” he said. “Some miracle will happen, no?”

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 $4,500 at the time of the donation.

Doge4Water in Kenya Fundraiser

In March 2014, the Dogecoin Foundation[21] announced a new month-long initiative to collect 40 million dogecoin to fund the creation of two water wells in a town in eastern Kenya. Dubbed "Doge 4 Water," the charity drive will continue until "World Water Day" on March 22nd, when donations will be converted to dollars for transfer.

Doge 4 Water 17,901,655 of 540,000,000 donated so far Donate DOGE Donate Dollars Or DNfFHTUZ4kkXPnoYUvgt6BGVwonEFB1b2i Donate via charity:water

NASCAR Sponsorship

On March 17th, 2014, Redditor unicorn_butt_sex submitted a post calling for a Dogecoin sponsorship of NASCAR driver Josh Wise to the /r/dogecoin[29] subreddit. In 10 days, the post gained more than 760 up votes and 390 comments. Later that day, Wise found out about the sponsorship campaign and posted a tweet[30] thanking the Dogecoin community for their support. The Reddit post was subsequently updated with 3D-rendered mockups of a sponsored race car featuring the Dogecoin symbol on the front hood and “wow such racecar” on the bumper, which were designed by Redditor mimicthefrench (shown below).

CarView File Zoom Make Background Lightingl Options Help NEA MOOG MAHLE CarView File Zoom Make Background Lightingl Options Help 319

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

uto MOOG MAHLE eBID freescale Duralast BRAKES Auto OOD -Meter HEGS Edelbock MO0G MAHLE COMP 779 v3 0v3

On March 25th, Redditor One Good Shibe announced in /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 in Talladega, Alabama on May 4th. In 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 Verge.[26]


Dogetipbot was launched by Redditor Josh Mohland in 2014 as a way to tip other Redditors with Dogecoin.


On May 8th, 2017, Mohland posted an announcement that all Dogetipbot coin balances had been wiped to 0 after he had spent all of his money and declared Chapter 7 bankruptcy.[31] Additionally, he revealed 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 over time when I get paid, so this might take a while." That day, an article about the shutdown was published on Gizmodo.[32]

2018 Peak

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

From Oct 5,2017 ToJan 5, 2018 2oom ld 7d Im 3m ly YTD ALL 0000008 0 010000 00006 STC 800M 500M 400M 50.008000 50.006000 0000000 50.004000 0.002000 00000 5200M 0.001000 100M BOM 60M 2 Oct 24 Oct New 7 Nov 9 Nov 1 Dec 23. De 4 Jan

That day, the cryptocurrency news blog Coindesk published an interview with Dogecoin founder Jackson Palmer, who left the team in April 2015. In the interview, Palmer expressed concerns that Dogecoin's success could be a troubling sign for the market:

"The fact that most conversations happening in the media and between peers focus on the investment potential is worrying, as it draws attention away from the underlying technology and goals this movement was based. I have a lot of faith in the Dogecoin Core development team to keep the software stable and secure, but I think it says a lot about the state of the cryptocurrency space in general that a currency with a dog on it which hasn't released a software update in over 2 years has a $1B+ market cap."

On January 8th, during the peak of 2017-2018 cryptocurrency bubble, Dogecoin briefly reached a peak of $0.017 per coin, with the market capitalization of the currency nearing 2 billion USD. Following the 2018 cryptocurrency crash, the price of the coin dropped to approximately $0.003 by March 2018.

Dogecoin Challenge

In early July 2023, Dogecoin saw a surge in market activity and its price as a result of Dogecoin Challenge on TikTok, participants of which promoted investment of Dogecoin to increase its value to one dollar.

On June 27th, 2023, TikToker[34] tradertoks uploaded a video saying "what if everyone watching this video went and bought some Dogecoin" (shown below, left). The video gained over 27,100 likes in two weeks. On July 1st, TikToker[35] jamezg97 uploaded a video suggesting the same thing and claiming that if $25 was invested the viewer could make $10,000 (shown below, right). The video garnered over 66,700 likes in a week.

Let's all get rich. Dogecoin is practically worthless. There are 800 million TikTok users. Invest just 25 dollars. Once the stock hits one dollar, you'll have ten grand. He says, "Tell everyone you know."

Following the spread of the challenge on TikTok, which was further assisted by the spread of the news on other social media, the price of Dogecoin rose from $0.0023 on July 5th to $0.0048 on July 8th, 2023, returning to $0.0031 by July 27th.

Early 2023 Dogecoin Boom

On January 27th, 2023, following the initial events of the GameStop stock surge, Redditor[36] vavilover made a post in cryptocurrency-themed /r/SatoshiStreetBets subreddit suggesting that users should "pump" Dogecoin next, with the post gaining over 200 upvotes in one week. Later on the same day, Redditor[37] lomac2w0 made a post in which they suggested starting a Dogecoin rally, with the post gaining over 9,600 upvotes in one week (shown below, top). Within one hour, Redditor[38] DODGECOINPSU made a detail posted in which they hyped up the cryptocurrency, with the post gaining over 41,400 upvotes in /r/dogecoin subreddit prior to being removed by the moderators (partially shown below, bottom).

Posted by u/lomac2w0 1 day ago 2 2 2 W 2 19 e21 3 22 16 2 6322 With all this going on does anyone want to try to kick off a Dogecoin Rally?????? It's really cheap and wouldn't be that hard to do. Discussion 2700 Comments Give Award Share 99% Upvoted ...
Posted by u/DODGECOINPSU 17 hours ago 4 42 2 A 39 9 W2 2 O 10 2 10 37.8k 201 178 4 3 247 98 3 3 183 14 2 34 13 3 I have a proposition. This is how we can dogecoin to the moon but we need everyone's HELP. Serious HEIP: If you see this the mods took it down for no reason so if you can spam them to put it back. We can get back to work then. Something fishy is going on and posts are being removed we need this one it made headlines of CNBC MEGATHREAD: We have all seen what is going on with the r/wallstreetbets and how they got GameStop to the moon. We need to make this a mega thread which will make the front line of the popular page where dogecoin will get more exposure then ever. If we keep pumping money into it, while giving dogecoin exposure, people we believe along with myself am a frim believer that this is the next bitcoin. We now see the power of reddit! You need to upvote this post and comment any ideas you have to take dogecoin through stratosphere. Everyone: This is a serious matter, We the people can make this the next Bitcoin, we have to push DOGECOIN by spreading the word, this post, and this community. We can make enough to retire our parents, provide for individuals in need, and raise our standard of living.

Between January 27th and 28th, following multiple posts and memes on Reddit and Twitter, the price of the currency rapidly rose by over 900% from $0.0076 to $0.0082. On January 28th, Elon Musk tweeted[39] a mockup cover of a made-up magazine titled DOGUE, likely referencing Dogecoin and further assisting the growth.

In the early hours of February 4th, 2023, Elon Musk tweeted[40] a photograph of a space rocket taking off, then writing[41] "Doge" in the same thread (shown below, left). Following Musk's tweet, the price of Dogecoin rapidly rose from $0.0397 to $0.0505, with Musk proceeding to make several more tweets[42][43][44] about Dogecoin (shown below, center and right).

Elon Musk @elonmusk · 18h 7K t7 41.5K 394.8K Elon Musk @elonmusk ... Replying to @elonmusk Doge 2:35 AM - Feb 4, 2023 · Twitter Web App Elon Musk @elonmusk ... ur welcome 2:57 AM · Feb 4, 2023 · Twitter Web App Elon Musk @elonmusk · 17h ... Dogecoin is the people's crypto 18K 27 112.2K 491K Elon Musk ... @elonmusk Replying to @elonmusk No need to be a gigachad to own 3:17 AM · Feb 4, 2023 · Twitter Web App

The rise of trading activity in Dogecoin was accompanied by an increased number of memes about the cryptocurrency on Reddit and Twitter. Between January 27th and February 4th, the /r/dogecoin[45] subreddit grew from 182,000 members to 887,000 members.

Search Interest

External References

[1] Bitcoin Talk – Dogecoin – very currency – many coin – wow – v1.1 Released

[2] Indiegogo – Help Jamaica Bobsleigh Team

[3] Dogecoin – Dogecoin Foundation

[4] Motherboard – The Founders of Dogecoin See the Meme Currency's Tipping Point

[5] Business Insider – Dogecoin Prices Crashed This Weekend

[6] Reddit – TIL that more Dogecoins were traded in the past hour than there are Dogecoins

[7] Marketwatch – Dogecoin transactions outpacing those in bitcoin

[8] Reddit – /r/dogecoin

[9] Facebook – Dogecoin (page unavailable)

[10] Twitter – @dogecoin

[11] Reddit – Lets send the Jamaican bobsled team to the winter Olympics

[12] Digital Trends – To the moon! Dogecoin fetches 300 percent jump in value

[13] Dogecoin – Dogecoin

[14] Dogesled – Jamaican Bobsled Fund

[15] Wikipedia – Dogecoin

[16] Dogecoin Forum (via Wayback Machine) – Dogewallet hacked!

[17] Reddit – Dogewallet Explanation

[18] Reddit – Dogecoin Hype Video Competition: All 9 Winners and Final Remarksf

[19] Washington Post – Walk of Shame:’ No flag for Indian athletes at Winter Olympics (subscription needed)

[20] The Daily Dot – Dogecoin fundraiser is helping send this Indian Olympian to Sochi

[21] Doge Foundation – Sponsored Initiative – Doge 4 Water (page unavailable)


[23] USA Today – Internet raised 55000

[24] The Guardian – Dogecoin raises 40000 to sponsor Nascar driver

[25] CNET – Wow such fast Dogecoin sponsor

[26] The Verge – Dogecoin sponsored nascar

[27] Motherboard – Talladega Shibe

[28] Reddit – Josh Wise paintjob contest

[29] Reddit – Guys, Let's Do It! Doge Nascar Sytle

[30] Twitter – Josh Wise's Tweet

[31] Reddit – Im taking dogetipbot to a server farm upstate

[32] Gizmodo – Reddit Users Lose Real Money After Meme Currency Bot Dies

[33] CoinMarketCap – Dogecoin

[34] TikTok – tradertoks

[35] TikTok – jamezg97

[36] Reddit – Hey, SatoshiStreetBets how about pumping Dogecoin next? It's Elon’s favourite currency, but Bloomberg is calling it a joke!

[36] Reddit – With all this going on does anyone want to try to kick off a Dogecoin Rally?? It’s really cheap and wouldn’t be that hard to do.

[37] Reddit – I have a proposition. This is how we can dogecoin to the moon but we need everyone's HELP.

[39] Twitter – @elonmusk

[40] Twitter – @elonmusk

[41] Twitter – @elonmusk

[42] Twitter – @elonmusk

[43] Twitter – @elonmusk

[44] Twitter – @elonmusk

[45] Reddit – /r/dogecoin/

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