Dogecoin is an open-source peer-to-peer cryptocurrency whose logo is the image of the Shiba Inu dog from the internet meme “Doge.” Dogecoin, a fork of Litecoin, was introduced as a "joke currency" on December 8, 2013, and quickly grew its online community, first reaching a market capitalization of $60 million in January 2014, then $1 billion in January 2018, and then reaching maximum of $82 billion in May 2021. [10][11]
Unlike other cryptocurrencies that have positioned themselves with distinctive technical characteristics, Dogecoin's appeal likely stems from its cultural roots as a meme. Cryptocurrency is generally considered a difficult topic to understand. However, the emergence of the most popular Dodge meme in the crypto space in 2013 increased the accessibility of cryptocurrency to new participants. Unlike other cryptocurrencies, Dogecoin had a fast initial coin production schedule. By mid-2015, there were 100 billion coins in circulation, with an additional 5.256 billion coins added each year thereafter. As of June 30, 2015, the 100 billionth Dogecoin was mined.