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Dogecoin: Jamaican bobsled team boosts value of currency based on Internet meme

The Internet has now spawned currency based on the Doge meme.
The Internet has now spawned currency based on the Doge meme.

For those that have heard of the Doge meme, you wouldn't expect there to ever be any importance for it besides its appearance online. Well, that has changed. Yahoo Finance reported on Jan. 20, 2014, that the Jamaican bobsled team has actually boosted the value of an Internet-meme-based currency called the Dogecoin due to crowd-funding efforts to get to the Winter Olympic Games in Sochi, Russia.

Winston Watt and Marvin Dixon, Jamaican athletes, learned they had qualified for the 2014 Olympics, but they soon realized they didn't have sponsors or enough money to get to Russia. Due to that dilemma, they turned to the Internet as a fundraiser and for donations.

After that, the Jamaican Olympic officials said that all travel costs would be covered for the two men.

"The money's not all covered yet," Watt told the AP. "We're still hoping for help. But I am very excited that we're officially qualified."

Liam Butler, a fan of the 90's cult-classic film "Cool Runnings," is in charge of the Dogecoin Foundation. He started a crowd-funding campaign called Dogesled and it took off immediately. The campaign has already raised more than $36,000 for the athletes as Dogecoin owners donated in large sums.

Due to this fundraiser, the Dogecoin-to-Bitcoin exchange rate rose by 50 percent in a mere 12 hours.

"Myself and Jackson Palmer [the creator of Dogecoin] were at a local pub trivia in Sydney when we noticed the value of Dogecoin had more than doubled since we'd last checked so we raced back to my house to ensure we could get the best price for the donations in a form the team could actually use," Butler told the Guardian. "As much as we have faith in Dogecoin to become the community currency of the Internet, we still understand that the team need to buy their airfares in a fiat currency."

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