Dogecoin is based on Doge—a meme featuring the inner thoughts of a Shiba Inu—which was born on Reddit and gained popularity on likeminded corners of the internet. As International Business Times reports, Jackson Palmer was the man who decided to create Dogecoin.com. He then teamed up with Billy Markus, who was struggling to launch his own crypto-currency and the new Dogecoin was born.
Business Insider reports that Dogecoin’s popularity received a spike from the act of “tipping” people for doing good deeds. However, after the large percentage jump on last Thursday, Dogecoin is now back down to $0.0003 as of Sunday night. Markus explained that as Dogecoin became the easiest to mine, people began to buy up in large quantities and then sell quickly.
In the words of Palmer, Dogecoin is successful because “It’s not taking itself seriously, it’s not being used by people worrying about whether they’ll become rich.”
According to DigitalTrends on Dec. 19, the value of Dogecoin jumped 300 percent in value. Though ultimately, the currency is only worth $0.00095. the site also reports that Dogecoin was among the top 10 digital currencies currently in use.
After the fall this weekend, it’s now listed as number 14. Going into 2014, Dogecoin should be interesting to watch. As digital currencies are already so volatile it will be interesting to see how waning attention spans and popularity will play into the market.