View source for Doge coin

{{short description|Cryptocurrency}}
{{Infobox cryptocurrency
| currency_name           = Dogecoin
| image_1                 = Dogecoin Logo.png
| image_2                 = 
| image_width_1           = 150
| image_width_2           = 110
| image_title_1           = Dogecoin Logo
| symbol                  = [[Eth|Ð]]
| ticker_symbol           = DOGE
| coin_definition         = [[Open source]] peer-to-peer digital currency
| white_paper             = 
| implementations         = 
| initial_release_version = 
| initial_release_date    = {{Start date and age|2013|12|06}}
| code_repository         = 
| status                  = Active
| latest_release_version  = 
| latest_release_date     = 
| forked_from             = 
| programming_languages   = 
| operating_system        = [[Microsoft Windows]], <br>[[Linux]], <br> [[iOS]], <br> [[Android (operating system)|Android]]
| author                  = Billy Markus, Jackson Palmer
| developer               = Billy Markus ("Shibetoshi Nakamoto")
| source_model            = [[FOSS]]
| license                 = [[MIT License]]<ref>{{Cite web|url=https://github.com/dogecoin/dogecoin/blob/master/COPYING|title=COPYING|website=GitHub}}</ref>
| website                 = https://dogecoin.com/
| block_explorer          = https://dogechain.info/
| ledger_genesis          = 
| hash_function           = Scrypt-based
| issuance                = 
| timestamping            = 
| block_time              = 1 minute
| block_reward            = 10,000 Dogecoins (as of Feb. 2018)
| circulating_supply      = 129.5 billion <ref name="auto1">{{Cite web|url=https://coinmarketcap.com/currencies/dogecoin/|title=Dogecoin price today, DOGE live marketcap, chart, and info|website=CoinMarketCap}}</ref> as of May 9, 2021
| exchange_rate           = Floating
| market_cap              = 
}}
'''Dogecoin''' ({{IPAc-en|'|d|oʊ|(|d|)|ʒ|k|ɔɪ|n}} {{Respell|DOHZH|koyn}} or {{Respell|DOHJ|koyn}},<ref>{{cite web|url=https://www.dailydot.com/unclick/how-to-say-dogecoin-pronunciation/|title=How do you pronounce 'Dogecoin'?|date=2014-04-24|website=The Daily Dot|language=en|access-date=2018-12-21|archive-url=https://web.archive.org/web/20181222082001/https://www.dailydot.com/unclick/how-to-say-dogecoin-pronunciation/|archive-date=2018-12-22|url-status=live}}</ref> code: '''DOGE''', symbol: '''Ð''') is a [[cryptocurrency]] created by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system as a joke, making fun of the wild speculation in cryptocurrencies at the time.<ref>{{Cite web|url=https://www.barrons.com/articles/dogecoin-started-as-a-joke-now-its-too-important-to-laugh-off-51620229273|title=Dogecoin Started as a Joke. Now It's Too Important to Laugh Off|website=Barrons}}</ref> Despite its satirical nature, some consider it a legitimate investment prospect. Dogecoin features the face of the [[Shiba Inu]] dog from the "[[Doge (meme)|Doge]]" [[Internet meme|meme]] as its logo and namesake.<ref>{{Cite news |last1=Roose |first1=Kevin |title=Is There a Cryptocurrency Bubble? Just Ask Doge. |work=[[The New York Times]] |date=2017-09-15 |url=https://www.nytimes.com/2017/09/15/business/cryptocurrency-bubble-doge.html |issn=0362-4331 |df=mdy-all |access-date=2017-10-03 |archive-url=https://web.archive.org/web/20171003125659/https://www.nytimes.com/2017/09/15/business/cryptocurrency-bubble-doge.html |archive-date=2017-10-03 |url-status=live }}</ref><ref name="A History of Dogecoin.">[https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3091219 ''A History of Dogecoin.''] {{Webarchive|url=https://web.archive.org/web/20180603102446/https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3091219 |date=2018-06-03 }} Dogecoin Analysis Report. Social Science Research Network (SSRN). Accessed 28 December 2017.</ref><ref>{{cite web| url=https://www.digitaltrends.com/social-media/wow-dogecoin-bitcoin/| title=Wow. Dogecoin is the most Internet thing to happen, ever.| first=Andrew| last=Couts| publisher=[[Digital Trends]]| date=December 12, 2013| access-date=December 12, 2013| archive-url=https://web.archive.org/web/20131214025357/http://www.digitaltrends.com/social-media/wow-dogecoin-bitcoin/| archive-date=December 14, 2013| url-status=live}}</ref> It was introduced on December 6, 2013, and quickly developed its own [[online community]], reaching a market capitalization of US$85,314,347,523 on May 5, 2021.<ref name="auto1"/><ref>{{cite web|first=Stephen|last=Hutcheon|title=The rise and rise of dogecoin, the internet's hottest cryptocurrency|url=https://www.smh.com.au/technology/technology-news/the-rise-and-rise-of-dogecoin-the-internets-hottest-cryptocurrency-20140124-31d24.html|work=Sydney Morning Herald|access-date=April 5, 2014|date=2014-01-24|archive-url=https://web.archive.org/web/20140331045048/http://www.smh.com.au/technology/technology-news/the-rise-and-rise-of-dogecoin-the-internets-hottest-cryptocurrency-20140124-31d24.html|archive-date=March 31, 2014|url-status=live}}</ref>

Dogecoin.com promotes the currency as the "fun and friendly internet currency", referencing its origins as a joke.<ref>{{cite web|title=What is Dogecoin and what does it have to do with Elon Musk and Saturday Night Live?|url=https://www.abc.net.au/news/2021-05-10/what-is-dogecoin-elon-musk-saturday-night-live/100128024 |work=Australian Broadcasting Corporation |access-date=May 10, 2021|date=2021-05-09|url-status=live}}</ref>

==History==

Originally formed as a joke,<ref name=":0">{{Cite news|date=2021-02-11|title=Dogecoin's Creator Is Baffled by Meteoric Rise to $9 Billion|language=en|work=Bloomberg.com|url=https://www.bloomberg.com/news/articles/2021-02-11/dogecoin-s-creator-is-just-as-baffled-as-you-are-about-its-rise|access-date=2021-02-12}}</ref> Dogecoin was created by [[IBM]] software engineer Billy Markus and [[Adobe Inc.|Adobe]] software engineer Jackson Palmer. They wanted to create a peer-to-peer digital currency that could reach a broader demographic than [[Bitcoin]]. In addition, they wanted to distance it from the controversial history of other coins.<ref>{{cite web|url=https://motherboard.vice.com/en_us/article/dogecoins-founders-believe-in-the-power-of-meme-currencies|title=Such Weird: The Founders of Dogecoin See the Meme Currency's Tipping Point|date=2013-12-23|publisher=[[Vice Media]]|first=Patrick|last=McGuire|work=Motherboard|access-date=December 23, 2013}}</ref> Dogecoin was officially launched on December 6, 2013, and within the first 30 days, there were over a million visitors to Dogecoin.com.<ref>{{cite web |url=https://junkee.com/an-interview-with-the-inventor-of-dogecoin-the-internets-favourite-new-currency/27411 |title=An Interview With The Creator Of Dogecoin: The Internet's Favourite New Currency |last=Noyes |first=Jenny |date=January 22, 2014 |website=[[Junkee]] |publisher=[[Junkee Media]] |access-date=January 12, 2021 |quote="Jackson Palmer accidentally invented Dogecoin in early December ... within the first 30 days there were over a million visitors to Dogecoin.com."}}</ref>

Palmer is credited with making the idea a reality. At the time, he was a member of the [[Adobe Systems]] marketing department in [[Sydney, Australia|Sydney]].<ref name=whatisdogecoin>{{cite web| url=http://www.businessinsider.com/what-is-dogecoin-2013-12| title=What is Dogecoin?| first=Rob| last=Wile| work=[[Business Insider]]| date=December 19, 2013| access-date=December 19, 2013| archive-url=https://web.archive.org/web/20131220072107/http://www.businessinsider.com/what-is-dogecoin-2013-12| archive-date=December 20, 2013| url-status=live}}</ref> Palmer had purchased the domain <nowiki>Dogecoin.com</nowiki> and added a splash screen, which featured the coin's logo and scattered [[Comic Sans]] text. Markus reached out to Palmer after seeing the site, and started efforts to develop the currency. Markus had designed Dogecoin's protocol based on existing cryptocurrencies Luckycoin and [[Litecoin]],<ref name="suchvalue2" /> which use [[scrypt]] technology in their [[proof-of-work]] algorithm.<ref>{{cite web|url=http://www.seattlepi.com/technology/heavy/article/Dogecoin-5-Fast-Facts-You-Need-to-Know-5079680.php|title=Dogecoin: 5 Fast Facts You Need to Know|access-date=2014-02-16|archive-url=https://web.archive.org/web/20140221232623/http://www.seattlepi.com/technology/heavy/article/Dogecoin-5-Fast-Facts-You-Need-to-Know-5079680.php|archive-date=2014-02-21|url-status=live}}</ref>  The use of [[scrypt]] means that miners cannot use [[SHA-2|SHA-256]] bitcoin mining equipment, and instead must use dedicated [[field-programmable gate array|FPGA]] and [[ASIC]] devices for mining which are known to be more complex to produce.<ref>{{cite web| url=http://www.dailydot.com/business/shibe-meme-dogecoin-currency/| title=With its own cryptocurrency, Doge has officially conquered 2013| first=Miles| last=Klee| publisher=[[The Daily Dot]]| date=December 10, 2013| access-date=December 10, 2013| archive-url=https://web.archive.org/web/20140123002054/http://www.dailydot.com/business/shibe-meme-dogecoin-currency/| archive-date=January 23, 2014| url-status=live}}</ref><ref>{{cite web |title=Why Bitcoin mining has a finite cap, and Dogecoin mining doesn't |url=https://www.dailydot.com/business/dogecoin-no-mining-limit-infinite/ |website=The Daily Dot |language=en |date=5 February 2014 |access-date=21 September 2019 |archive-url=https://web.archive.org/web/20190921025115/https://www.dailydot.com/business/dogecoin-no-mining-limit-infinite/ |archive-date=21 September 2019 |url-status=live }}</ref>

On December 19, 2013, Dogecoin jumped nearly 300 percent in value in 72 hours, rising from US$0.00026 to $0.00095,<ref name="suchvalue">{{cite web| url=http://www.digitaltrends.com/cool-tech/dogecoin-price-value-jump-bitcoin| title=To the moon! DogeCoin fetches 300 percent jump in value in 24 hours.| first=Andrew| last=Couts| publisher=[[Digital Trends]]| date=December 19, 2013| access-date=December 19, 2013| archive-url=https://web.archive.org/web/20131219222007/http://www.digitaltrends.com/cool-tech/dogecoin-price-value-jump-bitcoin/| archive-date=December 19, 2013| url-status=live}}</ref> with a volume of billions of Dogecoins per day. This growth occurred during a time when bitcoin and many other cryptocurrencies were reeling from China's decision to forbid Chinese banks from investing into the bitcoin economy.<ref name="suchvalue2">{{cite web| url=http://www.ibtimes.co.uk/what-dogecoin-meme-that-became-hot-new-virtual-currency-1429847| title=What is Dogecoin? The Meme that Became the Hot New Virtual Currency.| first=David| last=Gilbert| work=[[International Business Times]]| date=December 20, 2013| access-date=December 20, 2013| archive-url=https://web.archive.org/web/20150906080317/http://www.ibtimes.co.uk/what-dogecoin-meme-that-became-hot-new-virtual-currency-1429847| archive-date=September 6, 2015| url-status=live}}</ref> Three days later, Dogecoin experienced its first major crash by dropping by 80% due to this event and to large mining pools exploiting the small amount of computing power required at the time to mine Dogecoin.<ref>{{cite web| url=http://www.businessinsider.com/dogecoin-crashed-this-weekend-2013-12| title=Dogecoin Prices Crashed This Weekend| first=Rob| last=Wile| work=[[Business Insider]]| date=December 22, 2013| access-date=December 22, 2013| archive-url=https://web.archive.org/web/20131223223048/http://www.businessinsider.com/dogecoin-crashed-this-weekend-2013-12| archive-date=December 23, 2013| url-status=live}}</ref>

On December 25, 2013, the first major theft of Dogecoin occurred when millions of coins were stolen during a hack on the online [[cryptocurrency wallet]] platform Dogewallet.<ref>{{cite web| url=https://gizmodo.com/millions-of-meme-based-dogecoins-stolen-on-christmas-da-1489819762| title=Millions of Meme-Based Dogecoins Stolen on Christmas Day| first=Ashley| last=Feinberg| publisher=[[Gizmodo]]| date=December 26, 2013| access-date=December 26, 2013| archive-url=https://web.archive.org/web/20131226230149/http://gizmodo.com/millions-of-meme-based-dogecoins-stolen-on-christmas-da-1489819762| archive-date=December 26, 2013| url-status=live}}</ref> The hacker gained access to the platform's filesystem and modified its send/receive page to send any and all coins to a static address.<ref>{{cite web| url=https://techcrunch.com/2013/12/25/dogecoin-hack/| title=Such Hack. Many Dogecoin. Very Disappear. So Gone. Wow.| first=Catherine| last=Shu| publisher=[[TechCrunch]]| date=December 25, 2013| access-date=December 25, 2013| archive-url=https://web.archive.org/web/20131227001014/http://techcrunch.com/2013/12/25/dogecoin-hack/| archive-date=December 27, 2013| url-status=live}}</ref><ref>{{cite web| url=https://www.latimes.com/business/technology/la-fi-tn-dogecoin-theft-currency-bitcoin-20131226,0,2575238.story#axzz2ojLWuO2X| title=Millions of Dogecoins, currency based on a meme, are reported stolen| first=Salvador| last=Rodriguez| work=[[Los Angeles Times]]| date=December 26, 2013| access-date=December 26, 2013| archive-url=https://web.archive.org/web/20131227004821/http://www.latimes.com/business/technology/la-fi-tn-dogecoin-theft-currency-bitcoin-20131226,0,2575238.story#axzz2ojLWuO2X| archive-date=December 27, 2013| url-status=live}}</ref> This hacking incident spiked tweets about Dogecoin, making it the most mentioned altcoin on Twitter at the time, although it was in reference to a negative event. To help those who lost funds on Dogewallet after its breach, the Dogecoin community started an initiative named "SaveDogemas" to help donate coins to those who had them stolen. Approximately one month later, enough money was donated to cover all of the coins that were stolen.<ref>{{cite web|url=http://www.digitaltrends.com/cool-tech/dogecoin-dogewallet-hack-save-dogemas/|title=Such generosity! After Dogewallet heist, Dogecoin community aims to reimburse victims|date=December 27, 2013|access-date=March 2, 2014|archive-url=https://web.archive.org/web/20140227152856/http://www.digitaltrends.com/cool-tech/dogecoin-dogewallet-hack-save-dogemas/|archive-date=February 27, 2014|url-status=live}}</ref>

In January 2014, the trading volume of Dogecoin briefly surpassed that of Bitcoin and all other crypto-currencies combined. However, its market capitalization remained substantially behind that of Bitcoin. Initially, Dogecoin featured a randomized reward that is received for each mining block. However, in March 2014, this behaviour was later updated to a static block reward.

In April 2015, Jackson Palmer announced plans to take an "extended leave of absence" from the cryptocurrency community.<ref>{{cite tweet |last=Palmer |first=Jackson |user=ummjackson |number=591271730875793408 |date=April 23, 2015 |title=Will be taking an extended leave of absence from the toxic (and quite frankly, stagnant) space that is cryptocurrency. |language=en |access-date=January 12, 2021 |archive-url=https://archive.is/ryKy8 |archive-date=April 23, 2015 |url-status=dead}}</ref><ref name=":0"/>

During 2017 to early 2018 [[cryptocurrency bubble]], Dogecoin briefly reached a peak of $0.017/coin on January 7, 2018, putting its total market capitalization near [[USD]] 2 billion.

In July 2020, the price of Dogecoin spiked following a [[TikTok]] trend aiming to get the coin's price to $1.<ref>{{cite web|last=Winck|first=Ben|date=July 8, 2020|title=Dogecoin volumes spike 683% after viral TikTok challenge urges buying spree|url=https://markets.businessinsider.com/currencies/news/dogecoin-price-volumes-skyrocket-viral-tiktok-buying-spree-cryptocurrency-market-2020-7-1029377900#|url-status=live|archive-url=https://web.archive.org/web/20200709174155/https://markets.businessinsider.com/currencies/news/dogecoin-price-volumes-skyrocket-viral-tiktok-buying-spree-cryptocurrency-market-2020-7-1029377900|archive-date=July 9, 2020|access-date=July 9, 2020|website=Business Insider}}</ref>

In January 2021, Dogecoin went up over 800% in 24 hours, attaining a price of $0.07, as a result of attention from [[Reddit]] users, partially encouraged by [[Elon Musk]] and the [[GameStop short squeeze]].<ref>{{cite news |last1=Kharpal |first1=Arjun |title=Reddit frenzy pumps up Dogecoin, a cryptocurrency started as a joke, by over 800% |url=https://www.msn.com/en-us/money/companies/reddit-frenzy-pumps-up-dogecoin-a-cryptocurrency-started-as-a-joke-by-over-800/ar-BB1dc4sw |access-date=29 January 2021 |agency=CNBC}}</ref> In February 2021, Dogecoin hit a new high price of $0.08 following [[Twitter]] encouragement from Musk, [[Snoop Dogg]] and [[Gene Simmons]].<ref>{{cite news |last1=Yang |first1=Yueqi |title=Dogecoin Soars to New Record as Musk Fires off New Tweet |url=https://www.bloomberg.com/news/articles/2021-02-07/dogecoin-soars-again-toward-record-after-crashing-last-week |access-date=21 February 2021 |work=[[Bloomberg News|Bloomberg]] |date=7 February 2021 |language=en}}</ref> In March 2021, [[Dallas Mavericks]] owner [[Mark Cuban]] announced his [[NBA]] team would allow purchasing tickets and products with Dogecoin; within two days, Cuban had declared his franchise had become the top Dogecoin merchant, having carried out 20,000 transactions.<ref>{{cite web |last1=Baer |first1=Jack |title=Mark Cuban boasts Mavericks are largest Dogecoin merchant in the world |url=https://sports.yahoo.com/mark-cuban-mavericks-largest-dogecoin-merchant-cryptocurrency-021811555.html |website=[[Yahoo! Sports]] |access-date=2021-04-17 |date=2021-03-06}}</ref>

In April 2021, Dogecoin and other cryptocurrencies surged, stimulated in part by the [[direct listing]] for cryptocurrency exchange [[Coinbase]] on April 14, although that platform did not provide trading of Dogecoin.<ref>{{cite web |last1=Ostroff |first1=Caitlin |title=Bitcoin and Dogecoin Prices Soar to Records Ahead of Coinbase Listing |url=https://www.wsj.com/articles/cryptocurrencies-soar-to-records-ahead-of-coinbase-listing-11618400809 |website=[[The Wall Street Journal]] |access-date=2021-04-14 |date=2021-04-14}}</ref> Its price first reached $0.10 on April 14,<ref>{{cite web |last1=Madhok |first1=Diksha |title=Dogecoin price surpasses 10 cents to reach an all-time high |url=https://www.cnn.com/2021/04/14/tech/dogecoin-crypocurrency-intl-hnk/index.html |website=[[CNN]] |access-date=2021-04-14 |location=New Delhi |date=2021-04-14}}</ref> before hitting a new high of $0.45 on April 16 (up 400% that week<ref name="CNBC 2021-04-16"/>), with a volume of nearly $70 billion traded in the preceding 24 hours.<ref name="MW 2021-04-17">{{cite web |last1=DeCambre |first1=Mark |title=This dogecoin chart offers the clearest explanation for the buzz surrounding the 'joke' crypto |url=https://www.marketwatch.com/story/this-dogecoin-chart-offers-the-clearest-explanation-for-the-buzz-surrounding-the-joke-crypto-11618597012 |website=[[MarketWatch]] |access-date=2021-04-17 |date=2021-04-17}}</ref> {{as of|2021|04|alt=At the time}}, Dogecoin's market capitalization approached $50 billion, making it the fifth-highest-valued cryptocurrency;<ref>{{cite web |last1=Goldman |first1=David |title=What is Dogecoin? How a joke became hotter than bitcoin |url=https://www.cnn.com/2021/04/17/investing/what-is-dogecoin/index.html |website=[[CNN]] |access-date=2021-04-17 |date=2021-04-17}}</ref> its value had increased more than 7,000% year-to-date.<ref name="MW 2021-04-17"/> Interest in Dogecoin contributed to an outage in [[electronic trading platform]] [[Robinhood (company)|Robinhood]]'s cryptocurrency system on April 15, caused by "unprecedented demand", and prompted concerns from experts of a nearing [[speculative bubble]] in the cryptocurrency market.<ref name="CNBC 2021-04-16">{{cite web |last1=Browne |first1=Ryan |title=Dogecoin spikes 400% in a week, stoking fears of a cryptocurrency bubble |url=https://www.cnbc.com/2021/04/16/dogecoin-doge-price-meme-cryptocurrencys-rise-sparks-bubble-fears.html |website=[[CNBC]] |access-date=2021-04-17 |date=2021-04-16}}</ref>

On May 4, 2021, the value of Dogecoin first surpassed the symbolic hurdle of $0.50,<ref>{{Cite news|last=Pound|first=Jesse|date=May 4, 2021|title=Dogecoin surges 30% to a record above 50 cents as speculative crypto trading continues|work=CNBC|url=https://www.cnbc.com/2021/05/04/dogecoin-surges-above-50-cents-to-record-as-speculative-crypto-trading-continues.html|access-date=May 15, 2021}}</ref> a greater than 20,000% increase in one year.

On May 8, 2021, despite, or perhaps because of expectations of a surge in interest in Dogecoin resulting from [[Elon Musk]]'s appearance on ''[[Saturday Night Live]]'', Dogecoin dropped 34% from $0.711 at the opening of the show to below $0.470 45 minutes later. By the following morning Dogecoin hit a swing low of $0.401, a cumulative drop of 43.6% and lost value of $35 billion.{{Citation needed|date=May 2021}}

On May 9, 2021, [[SpaceX]] announced a  rideshare mission to the Moon completely funded by Dogecoin, thus becoming the first space mission funded by a cryptocurrency. [[Elon Musk]] confirmed this news via [[Twitter]].<ref>{{cite news |title=Dogecoin used to pay for SpaceX's mission to the moon next year |url=https://www.aljazeera.com/economy/2021/5/10/dogecoin-used-to-pay-for-spacexs-mission-to-the-moon-next-year |agency=Al Jazeera |date=May 10, 2021}}</ref> DOGE-1 will be a minor 40&nbsp;kg rideshare payload on [[Intuitive Machines]]' [[IM-1]] mission in Q1 2022.<ref>{{Cite web|last=Geometric Energy press release|title=SpaceX to Launch DOGE-1 to the Moon!|url=https://www.newswire.ca/news-releases/spacex-to-launch-doge-1-to-the-moon--875845973.html|access-date=2021-05-10|website=www.newswire.ca|language=en}}</ref><ref>{{Cite web|date=2021-05-09|title=SpaceX accepts dogecoin as payment to launch lunar mission next year|url=https://www.reuters.com/business/finance/spacex-accepts-dogecoin-payment-launch-lunar-mission-next-year-2021-05-09/|access-date=2021-05-10|website=Reuters}}</ref><ref>{{cite web |website=NextSpaceflight |url=https://nextspaceflight.com/launches/details/1915|title=IM-1 Nova-C & DOGE-1|access-date=9 May 2021}}</ref><ref>{{Cite web|url=https://www.cnbc.com/2021/05/09/spacex-accepts-dogecoin-payment-for-doge-1-mission-to-the-moon.html|title=SpaceX accepts Dogecoin as payment to launch 'DOGE-1 mission to the Moon' next year|first=Michael|last=Sheetz|date=May 9, 2021|website=CNBC}}</ref><ref>{{Cite web|date=2021-05-10|title=We knew @ElonMusk was taking #Dogecoin to the Moon, but had no idea it would be on our flight.|url=https://twitter.com/Int_Machines/status/1391843506193326092|access-date=2021-05-10|website=Twitter}}</ref>

==Use and exchanges==
Several online exchanges offer DOGE/[[Bitcoin|BTC]] and DOGE/[[Litecoin|LTC]] trading.

Dogecoin is an [[Cryptocurrency#Formal definition|altcoin]] with many users. Mainstream commercial applications of the currency have gained traction on internet, such as a [[Gratuity|tipping]] system, in which [[social media]] users tip others for providing interesting or noteworthy content.<ref>{{cite web |url=https://www.abc.net.au/pm/content/2013/s3931812.htm |title=The rise and rise of the Dogecoin and internet tipping culture |publisher=Australian Broadcasting Corporation |date=24 January 2014 |access-date=March 4, 2015 |archive-url=https://web.archive.org/web/20150403004949/http://www.abc.net.au/pm/content/2013/s3931812.htm |archive-date=3 April 2015 |url-status=live }}</ref>

Trading physical, tangible items in exchange for DOGE takes place on online communities such as [[Reddit]] and [[Twitter]], where users frequently share currency-related information.<ref name="A History of Dogecoin."/><ref>{{cite web| url=https://www.theverge.com/2013/12/16/5216862/bitcoin-is-so-2013-dogecoin-is-new-crypto-currency-on-the-block| title=Bitcoin is so 2013: Dogecoin is the new cryptocurrency on the block| first=Nathan| last=Ingraham| publisher=[[The Verge]]| date=December 16, 2013| access-date=December 16, 2013| archive-url=https://web.archive.org/web/20131217012230/http://www.theverge.com/2013/12/16/5216862/bitcoin-is-so-2013-dogecoin-is-new-crypto-currency-on-the-block| archive-date=December 17, 2013| url-status=live}}</ref><ref>{{cite web| url=http://www.complex.com/tech/2013/12/dogecoin-on-reddit| title=Move Over Bitcoin: Dogecoin is Here| author=J. Duaine Hahn| publisher=Complex Tech| date=December 16, 2013| access-date=December 16, 2013| archive-url=https://web.archive.org/web/20131219100220/http://www.complex.com/tech/2013/12/dogecoin-on-reddit| archive-date=December 19, 2013| url-status=live}}</ref>

Dogecoin has also been used to try to sell a house,<ref>{{cite news|last=Imam|first=Jareen|title=Man selling home for $135,000 in Dogecoins|url=http://www.cnn.com/2014/02/26/tech/innovation/dogecoin-cryptocurrency-tech-irpt/|publisher=CNN|access-date=March 17, 2014|archive-url=https://web.archive.org/web/20140318031220/http://www.cnn.com/2014/02/26/tech/innovation/dogecoin-cryptocurrency-tech-irpt/|archive-date=March 18, 2014|url-status=live}}</ref> and has been used in the pornography<ref>{{cite news|title=Fox on Reddit: Porn star looks to accept virtual currency Dogecoin|url=http://www.foxnews.com/tech/2014/02/27/fox-on-reddit-porn-star-looks-to-accept-virtual-currency-on-website/|access-date=March 17, 2014|newspaper=FoxNews.com|date=February 27, 2014|archive-url=https://web.archive.org/web/20140310123307/http://www.foxnews.com/tech/2014/02/27/fox-on-reddit-porn-star-looks-to-accept-virtual-currency-on-website/|archive-date=March 10, 2014|url-status=live}}</ref> and poker industries.

Dogetipbot was a cryptocurrency transaction service used on popular sites like [[Reddit]] and [[Twitch (service)|Twitch]]. It allowed users to send Dogecoins to other users through commands via Reddit comments. In May 2017, Dogetipbot was discontinued and taken offline after its creator declared bankruptcy; this left many Dogetipbot users losing their coins stored in the Dogetipbot system.<ref>{{cite web|url=https://gizmodo.com/reddit-users-lose-real-money-after-meme-currency-bot-di-1795125165|title=Reddit Users Lose Real Money After Meme Currency Bot Dies|first=Peter|last=Yeh|publisher=[[Gizmodo]]|date=May 11, 2017|access-date=September 9, 2017|archive-url=https://web.archive.org/web/20170908052407/http://gizmodo.com/reddit-users-lose-real-money-after-meme-currency-bot-di-1795125165|archive-date=September 8, 2017|url-status=live}}</ref>

==Technology and DeFI==
DeFi  ([[decentralized finance]]) is a form of finance that does not rely on middlemen such as [[brokerage]]s, [[financial exchange|exchanges]], or [[bank]]s to offer financial instruments.<ref name="auto">[https://www.investopedia.com/decentralized-finance-defi-5113835 Decentralized Finance (DeFi) Definition] Investopedia.</ref> This is accomplished using "[[smart contract]]s" which are automated enforceable agreements that do not need intermediaries like a bank or lawyer, but use online [[blockchain]] technology instead. While Dogecoin cannot interact with smart contracts directly given that it operates on its own chain, the coins can be "wrapped" so that they can be locked into a state that is interoperable with a contract until it is later released. The Ren Project has enabled Dogecoin (renDOGE) to be used on the [[ethereum]] blockchain and access the DeFI network. Most DeFI coins use the ethereum blockchain network.<ref>{{Cite web|url=https://www.benzinga.com/markets/cryptocurrency/21/05/20929472/dogecoin-but-on-ethereum-blockchain-rendoge-hits-all-time-high|title=Dogecoin But On Ethereum Blockchain? renDOGE Hits All-Time High|date=May 4, 2021|website=Benzinga}}</ref> DeFi linked coins use decentralized applications ("[[dApp]]s") to transact and trade on decentralized exchanges (DExs). An example of a Dexs is [[Uniswap]]; these are entirely [[peer-to-peer]] exchanges, without any company or other institution providing the platform.<ref name="auto"/>

== Currency supply ==

Dogecoin started with a supply limit of 100 [[billion]] coins, which would have been far more coins than the top digital currencies were then allowing. By mid-2015 the 100 billionth Dogecoin had been mined with an additional 5 billion coins put into circulation every year thereafter. Although there is no theoretical supply limit, at this rate, the number of Dogecoins put into circulation will only double in 20 years (the next doubling will occur in the year 2075). There is no implemented hard cap on the total supply of Dogecoins. Nonetheless, in February 2014, Dogecoin founder Jackson Palmer announced that the limit would be removed in an effort to create a consistent reduction of its inflation rate over time.<ref>{{cite web|title=Dogecoin to allow annual inflation of 5 billion coins each year, forever|url=https://arstechnica.com/business/2014/02/dogecoin-to-allow-annual-inflation-of-5-billion-coins-each-year-forever/|publisher=Ars Technica|access-date=February 4, 2014|archive-url=https://web.archive.org/web/20140204051957/http://arstechnica.com/business/2014/02/dogecoin-to-allow-annual-inflation-of-5-billion-coins-each-year-forever/|archive-date=February 4, 2014|url-status=live}}</ref> In other words, the inflation rate improves over time starting at 5% in 2015 to less than 4% by 2019, 3% by 2027, and 2% by 2035.

==Mining parameters==
Dogecoin's implementation differs from [[Litecoin]] by several parameters. Dogecoin's block time is 1 minute as opposed to Litecoin's 2.5 minutes.<ref name="A History of Dogecoin."/>

Several cases of people using their employers' or universities' computers to mine Dogecoin have been discovered.<ref>{{cite news|last1=Hutchinson|first1=Lee|title=Harvard supercomputing cluster hijacked to produce dumb cryptocurrency|url=https://arstechnica.com/tech-policy/2014/02/harvard-supercomputing-cluster-hijacked-to-produce-alt-cryptocurrency/|access-date=June 13, 2014|work=Ars Technica|publisher=Condé Nast|date=February 21, 2014|archive-url=https://web.archive.org/web/20140621135131/http://arstechnica.com/tech-policy/2014/02/harvard-supercomputing-cluster-hijacked-to-produce-alt-cryptocurrency/|archive-date=June 21, 2014|url-status=live}}</ref><ref>{{cite news|last1=Hern|first1=Alex|title=Student uses university computers to mine Dogecoin|url=https://www.theguardian.com/technology/2014/mar/04/dogecoin-bitcoin-imperial-college-student-mine|access-date=June 13, 2014|work=The Guardian|date=March 4, 2014|archive-url=https://web.archive.org/web/20140713213709/http://www.theguardian.com/technology/2014/mar/04/dogecoin-bitcoin-imperial-college-student-mine|archive-date=July 13, 2014|url-status=live}}</ref>

==Fundraising==

===2014 Winter Olympics===

The Dogecoin community and foundation have encouraged fundraising for charities and other notable causes. On January 19, 2014, a fundraiser was established by the Dogecoin community to raise $50,000 for the [[Jamaican Bobsled Team]], which had qualified for, but could not afford to go to, the [[Sochi Winter Olympics]]. By the second day, $36,000 worth of Dogecoin was donated and the Dogecoin to [[bitcoin]] exchange rate rose by 50%.<ref>{{cite news|last1=Rodriguez|first1=Salvador|title=Jamaican bobsled team boosts value of Dogecoin, currency based on meme|url=https://www.latimes.com/business/technology/la-fi-tn-jamaican-bobsled-dogecoin-currency-meme-20140120-story.html|work=Los Angeles Times|date=20 January 2014|access-date=21 February 2020|archive-url=https://web.archive.org/web/20200211215434/https://www.latimes.com/business/technology/la-fi-tn-jamaican-bobsled-dogecoin-currency-meme-20140120-story.html|archive-date=11 February 2020|url-status=live}}</ref>  The Dogecoin community also raised funds for a second Sochi athlete, [[Shiva Keshavan]].<ref>{{cite web |first=Devin |last=Coldewey |url=http://www.nbcnews.com/technology/dogecoin-cryptocurrency-donors-help-send-indian-athletes-sochi-2D12024654 |title=Dogecoin cryptocurrency donors help send Indian athletes to Sochi |publisher=NBC News.com |date=January 29, 2014 |access-date=February 2, 2014 |archive-url=https://web.archive.org/web/20140202003942/http://www.nbcnews.com/technology/dogecoin-cryptocurrency-donors-help-send-indian-athletes-sochi-2D12024654 |archive-date=February 2, 2014 |url-status=live }}</ref>

===Doge4Water===

Inspired by the Winter Olympics fundraiser and smaller charity fundraising successes, the Dogecoin Foundation, led by [[Eric Nakagawa]], began collecting donations to build a well in the Tana river basin in Kenya in cooperation with [[Charity: Water]]. They set out to raise a total of 40,000,000 ($30,000 at the time) Dogecoin before [[World Water Day]] (March 22). The campaign succeeded, collecting donations from more than 4,000 donors, including one anonymous benefactor who donated 14,000,000 Dogecoin (approx. $11,000).<ref>{{cite web |first=David |last=Gilbert |url=http://www.ibtimes.co.uk/most-valuable-tweet-history-donates-11000-worth-dogecoin-kenyan-water-charity-1440565 |title='Most Valuable Tweet in History' Donates $11,000 Worth of Dogecoin to Kenyan Water Charity |publisher=IB Times |date=March 17, 2014 |access-date=May 25, 2014 |archive-url=https://web.archive.org/web/20140714140736/http://www.ibtimes.co.uk/most-valuable-tweet-history-donates-11000-worth-dogecoin-kenyan-water-charity-1440565 |archive-date=July 14, 2014 |url-status=live }}</ref>

===NASCAR===
[[File:Josh Wise Sonoma 2014.jpg|thumb|left|[[Josh Wise]]'s Dogecoin-sponsored Chevrolet in 2014]]
On March 25, 2014, the Dogecoin community successfully raised 67.8 million Dogecoins (around $55,000 at the time) in an effort to sponsor [[NASCAR]] [[Sprint Cup Series]] driver [[Josh Wise]]. Nicknamed the "Moonrocket",<ref>{{cite news |url=https://www.theguardian.com/technology/2014/mar/27/nascar-dogecoin-sponsor-josh-wise-talladega-superspeedway |title=Dogecoin raises $55,000 to sponsor Nascar driver |last=Hern |first=Alex |date=March 27, 2014 |work=[[The Guardian]] |access-date=January 12, 2021 |quote="Named the "#98 Moonrocket", the car will make its debut on May 4th at the Aarons 499 Sprint Series Cup Race."}}</ref> the No. 98 car featured a Dogecoin/[[Reddit]]-sponsored paint scheme and was driven by Wise at the [[2014 Aaron's 499|Aaron's 499]] at [[Talladega Superspeedway]].<ref>{{cite web|last=Estrada|first=Chris|url=http://motorsportstalk.nbcsports.com/2014/03/25/nascar-fans-on-reddit-use-dogecoin-to-sponsor-josh-wise/|title=NASCAR fans on Reddit use DogeCoin to sponsor Josh Wise|publisher=[[NBC Sports]]|date=March 26, 2014|access-date=March 26, 2014|archive-url=https://web.archive.org/web/20140326115450/http://motorsportstalk.nbcsports.com/2014/03/25/nascar-fans-on-reddit-use-dogecoin-to-sponsor-josh-wise/|archive-date=March 26, 2014|url-status=live}}</ref> Wise and the car were featured for nearly a minute, during which the race commentators discussed Dogecoin and the crowdfunding effort, while finishing twentieth and narrowly avoiding multiple wrecks.<ref name="Dogecar Highlights">{{cite web|last=Stuckey|first=Daniel|title=Talladega Shibe: The Dogecar's NASCAR Highlights|url=http://motherboard.vice.com/read/talladega-shibe-josh-wises-highlights-in-the-dogecar|access-date=May 6, 2014|archive-url=https://web.archive.org/web/20140506050130/http://motherboard.vice.com/read/talladega-shibe-josh-wises-highlights-in-the-dogecar|archive-date=May 6, 2014|url-status=live}}</ref> On May 16, Wise won a spot at the [[2014 NASCAR Sprint All-Star Race|Sprint All-Star Race]] through an online fan vote beating household name [[Danica Patrick]], largely due to the efforts of the Dogecoin Reddit community. He finished the race in fifteenth, the last car running.<ref>{{Cite news|url=https://www.usatoday.com/story/sports/nascar/2014/05/16/josh-wise-beats-danica-patrick-in-all-star-race-fan-vote-dogecoin/9197981/|title=Josh Wise wins fan vote, beats Danica Patrick|first=Mike|last=Hembree|date=May 16, 2014|access-date=May 18, 2014|newspaper=USA Today|archive-url=https://web.archive.org/web/20140518010525/http://www.usatoday.com/story/sports/nascar/2014/05/16/josh-wise-beats-danica-patrick-in-all-star-race-fan-vote-dogecoin/9197981/|archive-date=May 18, 2014|url-status=live}}</ref><ref name="Polygon">{{Cite news|url=http://www.polygon.com/2014/5/18/5728334/dogecoin-nascar-video-game-dlc|title=Dogecoin, NASCAR's strangest hood sponsor, will appear in its official video game|publisher=Polygon|first=Owen S.|last=Good|date=May 18, 2014|access-date=May 18, 2014|archive-url=https://web.archive.org/web/20140518210248/http://www.polygon.com/2014/5/18/5728334/dogecoin-nascar-video-game-dlc|archive-date=May 18, 2014|url-status=live}}</ref> The following race in the [[2014 Coca-Cola 600|Coca-Cola 600]], Wise debuted a Dogecoin/Reddit.com helmet. Wise later announced he would run the car again at the [[2014 Toyota/Save Mart 350|Toyota/Save Mart 350]] and the [[2014 GEICO 500|GEICO 500]] as a thank-you gift to the community.{{Citation needed|date=May 2021}} He finished twenty-eighth in the race due in part to a refueling issue; he was in twelfth place after a gas-and-go pit stop, but the gas can did not engage long enough, resulting in a second pit stop that took him towards the back of the pack. [[Eutechnyx]], developer of the ''[[NASCAR '14]]'' video game, added the Dogecoin car as a drivable car in a [[Downloadable content|DLC]] pack.<ref name="Polygon"/><ref>{{Cite news|url=http://edition.cnn.com/2014/04/24/tech/web/nascar-dogecoin-talladega/|title=Reddit, Dogecoin support NASCAR racer at Talladega|date=April 24, 2014|access-date=May 18, 2014|publisher=CNN|first=Larry|last=Frum|quote=Fans of the NASCAR '14 video game will also get the chance to race the Dogecoin car for themselves when it is added in an upcoming DLC pack. In fact, they have featured the scheme on a DLC pack that costs $0.99 on the Xbox 360 and the Xbox One.|archive-url=https://web.archive.org/web/20140519022456/http://edition.cnn.com/2014/04/24/tech/web/nascar-dogecoin-talladega/|archive-date=May 19, 2014|url-status=live}}</ref>

On March 2, 2021, [[NASCAR Xfinity Series]] team [[B. J. McLeod Motorsports]] announced that Dogecoin would be sponsoring the No. 99 car in the [[Alsco Uniforms 300]] at [[Las Vegas Motor Speedway|Las Vegas]] alongside Springrates;<ref>{{cite tweet |author=BJ McLeod Motorsports |author-link=BJ McLeod Motorsports |user=TeamBJMcLeod |number=1366825396390551556 |date=March 2, 2021 |title=Much wow. VERY VROOM! @dogecoin joins @springrates at @LVMotorSpeedway with @StefanParsons98 behind the wheel! To learn more: https://t.co/eDkuGAsIve https://t.co/7zITbhxNcC |language=en |access-date=May 3, 2021}}</ref> [[Stefan Parsons]] drove the car to a 36th-place finish as fuel line issues prevented him from completing the race. Coincidentally, his father [[Phil Parsons|Phil]] was the owner of [[Phil Parsons Racing|the team]] that fielded the original Dogecoin-sponsored car in 2014.

==Criticism==

Dogecoin's origin as a joke has made it difficult to be taken seriously by mainstream media and financial experts.<ref>{{Cite web|url=https://www.cnet.com/news/dogecoin-the-origin-story-of-the-elon-musk-supported-cryptocurrency/|title=Dogecoin: Inside the joke cryptocurrency that somehow became real|first=Mark|last=Serrels|website=CNET}}</ref><ref>{{Cite web|url=https://fortune.com/2020/07/09/what-is-dogecoin-tiktok-crypto/|title=What is Dogecoin?|website=Fortune}}</ref>

The cryptocurrency has had a long and problematic history of scams.<ref>{{Cite web|url=https://foreignpolicy.com/2021/02/11/dogecoin-how-does-it-work-elon-musk-cryptocurrency/|title=Confused About Dogecoin? Here's How It (Doesn't) Work.|first=David|last=Gerard}}</ref><ref>{{Cite web|url=https://www.news18.com/news/tech/dogecoin-has-a-warning-for-everyone-do-not-fall-for-scams-that-promise-to-double-your-coins-3722831.html|title=Dogecoin Has A Warning For Everyone: Do Not Fall For Scams That Promise To Double Your Coins|date=May 10, 2021|website=www.news18.com}}</ref><ref>{{Cite web|url=https://www.vice.com/en/article/9kng57/dogecoin-my-joke-cryptocurrency-hit-2-billion-jackson-palmer-opinion|title=My Joke Cryptocurrency Hit $2 Billion and Something Is Very Wrong|website=www.vice.com}}</ref> It has been described as a [[pyramid scheme]], where "those who got in early on bitcoin have a huge financial incentive to draw in others by any means necessary."<ref>{{Cite web|last=Kelly|first=Jemima|date=11 May 2021|title=Dogecoin gives away the crypto game|url=https://www.ft.com/content/2c3dd96c-b1b1-42fd-ab46-8b4791bf1270|url-status=live|website=Financial Times}}</ref>

Akand Sitra of cryptocurrency risk management platform TRM Labs claims that Dogecoin itself is a scam, with over 65% of Dogecoins held by the top 98 wallets across the world. He also claims that the largest wallet holds 28% of all Dogecoins, and the top five wallets control 40% of the coin’s entire supply.<ref>{{Cite web|url=https://finance.yahoo.com/news/around-100-people-control-doges-103247173.html|title=Around 100 People Control DOGE's Entire $46B Market: Report|website=finance.yahoo.com}}</ref>

==References==
{{reflist}}

{{Cryptocurrencies|state=expanded}}
{{Currency symbols}}
{{Portal bar|Anarchism|Business and economics|Economics|Free and open-source software|Internet|Money|Numismatics}}
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[[Category:2014 Winter Olympics]]
[[Category:Currencies introduced in 2013]]
[[Category:Cryptocurrencies]]
[[Category:Computer-related introductions in 2013]]
[[Category:Internet memes]]
[[Category:Jamaica at the Winter Olympics]]