Crypto (“coins” not “graphy”) are going crazy, and one of the strangest ones is DOGECOIN. Here’s a basic primer captured in bulletpoints.
- It was created in 2013 by Billy Markus and Jackson Palmer. They were at IBM and Adobe at the time.
- The coin’s mascot is a dog—specifically a Shiba Inu, which is an ancient Japanese breed used for hunting.
Watch The Exact Moment Dogecoin was named after.
Dogecoin is pronounced, DOHJ-coin—like Dodge the truck, but with a hard “o” and soft “j” sound, like Taj Mahal. This is not up for debate, as this video has Jackson Palmer stating this very clearly.
The pronunciation comes from Homestar Runner where his buddy spelled “dog”, “d o g e”, and Strongbad said, “Dohj”? So yes, this currency was seriously named by Strong Bad.
- The Shiba Inu dog is also part of a meme known as Doge (pronounced “dohj” like above). It’s basically the internal dialog of a Shiba Inu dog speaking in broken-dog-English, all printed on a picture of a dog in Comic Sans text.
- Elon Musk has been pushing Dogecoin heavily—seemingly mostly as a joke, but you can never tell with him. At one point he said that it’d be super ironic if a coin started completely as a joke ended up taking over. Plus he keeps tweeting about it with allusions to the moon.
- Dogecoin is a proof-of-work coin based on Luckycoin, which is in turn based off of Litecoin.
- Dogecoin is an “inflationary” coin because there is no limit on how many can be mined. This is in contrast to Bitcoin, for example, which already has a maximum built into the system.
- Most investors don’t see Dogecoin as a serious play because of its history and the fact that there’s no limit to how many can be made.
- One possibility of legitimization, however, hinges around using it as a casual, friendly, and fluid exchange of small amounts of money, e.g., for tipping, or for donations to creators for their content.