Dogecoin is the result of a joke of two software engineers fooling around as they made fun of speculations in the crypto space at the time. A classic satire, it is called the meme coin or the dog coin.
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The cryptocurrency market was having challenges but trying to heal from it towards the end of 2013 when the Chinese government banned banks in China from investing in the crypto economy. The market panic and daily drops on all fronts of crypto assets were a source of concern to every observer.
With a little more possibility that the meme coin could become a real market player in the crypto space, the creators’ were to have a peer-to-peer currency that would reach wider demography of people than Bitcoin did. They also wanted to craft a different kind of history from other digital currencies before it.
Billy Markus and Jackson Palmer are the brains behind the fantastic Dogecoin project.
Palmer is said to be the one who made the idea a reality. He had purchased the domain name Dogecoin.com put up a splash screen that showed the coin’s logo and some scattered text alongside. It spurred Markus to reach out to him, and efforts to develop the site started.
Markus designed Dogecoin’s protocol taking his cue from existing cryptocurrencies like Litecoin and Luckycoin. They both use scrypt tech in their PoW algorithm. Using scrypt means that dogecoin miners can’t use the same equipment used in bitcoin but must instead use dedicated dogecoin-focused devices but are a little more complex to work with.
Dogecoin was finally launched on the 6th of December, 2013. As a sign of goodwill and possible long expectations for something like it, __[dogecoin.com](https://dogecoin.com/)__ gathered more than one million visitors in the first thirty days of the coin’s launch.
## Dogecoin’s Biggest Claim to Fame
Dogecoin had what many would call the beginner’s luck its launch. Within one month of said launch, dogecoin.com had more than one million guests. By the 19th of December, 2013, just thirteen days after its launch, dogecoin had gained almost 300% in its value, moving from $0.00026 on the 16th to $0.00095 on the 19th, with several millions of dogecoins in trading per day.
This was at a time when the market penetration of cryptocurrencies generally was very low, coupled with a government anti-crypto movement in China that was gradually spreading to other countries.
Other Dogecoin big wins include the Dogecoin Foundation fund-raising campaigns. On the 19th of January, 2014, the community set up a fundraiser of $50,000 to be raised for the Jamaican Bobsled Team which qualified for the Sochi Winter Olympics but could not afford to be there. By the next day, on the 20th, $36,000 in Dogecoin had been donated. The dogecoin to bitcoin rates rapidly increased by 50%. The community raised funds to support another athlete, __[Shiva Keshavan](https://en.wikipedia.org/wiki/Shiva_Keshavan)__, to the Sochi Winter Olympics.
Gaining inspiration from their feat in the Winter Olympics at Sochi and other smaller charities, the Degecoin Foundation began to receive donations to supply water in Keyan by sinking a well in the Tana River basin. The target was to raise 40,000,000 dogecoins, then valued at $30,000, before the 22nd of March, 2014. The fundraiser was an absolute success that collected donations from over 4,000 donors.
Another constant shot at fame dogecoin always enjoys Elon Musk’s talking about the coin via his twitter page. This always leads to price reactions upward to the advantage of dogecoin.
## Biggest Criticisms Trailing Dogecoin
As the meme coin made blazing gains in its first months, it also fell a terrible casualty of crypto hackers in the same period. First, due to the Chinese embargo and the large number of mining pools that greeted its launch because of the tiny amount of computing power it required, dogecoin crashed on the 22nd of December, 2013, as it lost up to 80% of its value.
Three days later, on the 25th of December, the network suffered its first significant attack as millions of dogecoins were stolen by hackers from the cryptocurrency wallet, Dogewallet. It was reported that the hackers got into the platform’s file system and tweaked its sending and receiving page to send coins to a static wallet address.
The incident made Dogecoin trend on social media platforms for days in that period. As a way of mitigating the effect of the loss on those who lost their assets in the attack, Dogecoin’s community launched an initiative called *SaveDogemas* to help get donations for those who lost theirs. About one month after, so much money had been raised to cover all the loss incurred.
Since then, there has been constant fear about the security of the Dogecoin blockchain in the long run. Some investors are yet to recover from the shock that such a colossal theft could be carried out so early in the life of a crypto asset.
Importantly, Dogecoin’s origin as a meme coin of a joke constantly makes it difficult for it to be taken as a serious item of a trade by conservative financial experts.
## The Team behind Dogecoin
The two brains behind the creation of the Dogecoin system are __[Billy Markus](https://www.linkedin.com/in/billy-markus-9306b4143)__ and __[Jackson Palmer](https://www.linkedin.com/in/jacksonpalmer)__.
Billy Markus who at that time worked as a software engineer at IBM, is now the co-founder and CEO of Doge Foundation and leading the development of everything that has to do with dogecoin as a digital currency.
Jackson Palmer, on his part, was at the Sydney office of Adobe also as a software engineer and marketing analyst, which he still does. He is just now widely known for his role as a co-founder at Dogecoin Foundation.
## In Conclusion
The future continues to look bright with each passing day for something that started as a joke and got developed by a chance meeting of two people halfway across the world.
It was taken as the underdog of cryptocurrencies but the immense support it got from underdog traders, too, is what has sustained its rise. Many in the crypto space hope that its platform will become much more secure than it was before now, making it not susceptible to cyber-attacks.
As a foundation that has spearheaded fundraisers for charitable courses in the past, the public continues to look forward to the Dogecoin Foundation to give back more to society by rallying support for great classes more than ever before. \n