**What is Dogecoin?**

Two online pals, software developers Billy Marcus and Jackson Palmer, launched Dogecoin in 2013 mostly as a practical joke. They had never met in person, just chatted on Reddit. The duo decided to fuse two hugely popular 2013 online trends — the fledgling cryptocurrency Bitcoin and the viral “Doge” meme with the Shiba Inu dog. 

Yet, to their surprise, this meme-inspired creation quickly attracted a global following of enthusiastic crypto fans and investors. The lighthearted Dogecoin.com website logged over 1 million hits within its first month. Though started as a gag, Dogecoin operates as a bona fide cryptocurrency with its own blockchain and mining ecosystem. 

An active and cooperative Reddit subgroup fueled its initial success, with subscribers actively sending Dogecoin transactions to boost volume and share info to draw more into the playful community. Also, for most of its history, affordable Dogecoin prices — just tiny fractions of a penny — made the abundant coins more accessible. What began as a joke quickly became a legitimate digital currency with a unique identity, providing a fun, approachable alternative to highly technical cryptocurrencies.

One of Dogecoin’s standout features is its passionate, engaged community, which is known for its charitable efforts, tipping culture, and social media campaigns. Tesla CEO Elon Musk has further fueled its popularity with tweets.

Unlike Bitcoin’s scarcity model, Dogecoin features an unlimited supply. 5 billion new DOGE are minted yearly, categorizing it as an inflationary asset.

While some users have sought more advanced alternatives given Dogecoin’s limited updates since 2015, its enduring and substantial market capitalization indicates the memecoin’s influence in the financial market.