Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

The history of Dogecoin, a cryptocurrency that started as a joke on Reddit years ago and recently surged 600% in a Wall Street Bets copycat rally

The history of Dogecoin, a cryptocurrency that started as a joke on Reddit years ago and recently surged 600% in a Wall Street Bets copycat rally

In 2013, what started as a joke between two engineers gained popularity quickly, even briefly eclipsing Bitcoin.

The digital currency based on a meme — Dogecoin — has captured public attention once more as its stock surged over 600% in the last 24 hours, driven by the Reddit mania surrounding GameStop.

Dogecoin's recent popularity is not the first time the unusual digital currency has captured the spotlight.

Dogecoin started in 2013 as a joke between two engineers. IBM software engineer Billy Markus and Adobe software engineer Jackson Palmer had never even met when they successfully combined two of 2013's greatest phenomena: Bitcoin, and "doge." The result: Dogecoin.

Dogecoin was a product that people started using as soon as it was released, much to the two engineers' surprise. Over a million unique visitors went to dogecoin.com within the website's first month.

The doge meme that gained popularity in 2013 featured an image of a Shiba Inu dog with Comic Sans thought bubbles spouting out of it with near monosyllabic ideas. The meme could be used to express anything from jokes about naps, early mornings, diets -- even space exploration.



Before the product was released, Palmer, who'd been following developments in the cryptocurrency world, absentmindedly tweeted, "Investing in Dogecoin, pretty sure it's the next big thing."

He got some replies encouraging him to pursue the idea, and a week later bought the domain Dogecoin.com. Inevitably, the idea got picked up on reddit, a hotbed of doge activity in 2013.

Meanwhile, in Portland, Billy Markus had been trying to program his own digital currency that would appeal to a broader demographic than the profiteers who've flooded into Bitcoin since the currency was released in 2008. But the project had gone nowhere. Then he stumbled across Dogecoin.com within a day or two of the site going live.

"The first thing I said was, 'This is so funny.' Then I said, 'I should just make this coin,'" Markus told Insider back in 2013.

Markus tweeted at Palmer saying he wanted to go in on the venture, and before Palmer even responded, started reconfiguring Bitcoin's source code, which was publicly available, to turn its user-facing elements into the doge meme.

Eventually Palmer wrote back, and the partnership was formed. A little more than a week after Palmer's joke tweet, Dogecoin was launched in December of 2013.

The currency was derived from the open source software project, Litecoin. Unlike Bitcoin. Dogecoin does not have a limit to the number of coins that can be produced in the system.

Redditors helped Dogecoin develop its own subculture in 2013


The digital currency instantly exploded on Reddit, generating a market value of $8 million at the time. It became popular for the internet practice of "tipping," which was a way of repaying people on the web for performing "good deeds," like sharing an idea or making a platform more accessible.

Only about a week after launching, Dogecoin became the second-most-tipped currency, the engineers told Insider.

The digital currency has long contributed to a culture that distinguishes itself by a sort of irreverence for institutions like Wall Street. It's not surprising Reddit users would take up the stock alongside GameStop and AMC in trading against big hedge funds.

Dogecoin developed its own culture of sorts in 2013, largely due to the currency having a lower barrier of entry than Bitcoin for people who might be interested in cryptocurrencies.

"It's not taking itself as seriously, it's not being used by people worrying about whether they'll become rich," Palmer told Insider in 2013. "It's something to share for thanks or kudos."

At the time, the engineers said they had no plans to compete with cryptocurrency giant Bitcoin, but in 2014 the trading volume of the meme-worthy coin briefly eclipsed Bitcoin and all other digital currencies.

A year later, Palmer took an "extended leave of absence" from the company as he said the cryptocurrency environment had grown increasingly serious and "toxic."

In 2017, the currency crossed a new milestone — $2 billion market value.

Redditors focus on Dogecoin once again


Dogecoin hit a market value of about $9 billion Friday, becoming ranked as one of the top 10 digital currencies.

The digital coin's rally, much like GameStop's rally that was in part driven by Reddit users from WallStreetBets, has been fueled by the subreddit SatoshiStreetBets, where users planned to send the currency "to the moon" — or at least to their goal of $1 per coin.

Dogecoin saw similar efforts in July when an unsuccessful TikTok trend called for forcing the coin to equal a US dollar. Redditors have a long way to go before the coin's price is equivalent to a dollar; since Dogecoin jumped Friday the coin is currently worth about $0.0779.

After Dogecoin stocks surged with other volatile stocks like GameStop and AMC, Robinhood temporarily restricted crypto trading Friday, as Bitcoin rose with Dogecoin.

Public figures have also gotten in on the action, promoting the currency. Thursday night, Tesla CEO Elon Musk, who has referred to Dogecoin as his favorite currency, tweeted about the market moves using a mock Vogue cover, dubbed "Dogue.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
×