The History of Dogecoin: A “Joke” That Turned To Serious Investment

#TMBT: How Dogecoin Started banner

Dogecoin’s Radical Start

Dogecoin started as a joke between two engineers in 2013 — Adobe software engineer Jackson Palmer and IBM software engineer Billy Markus. People started using it as soon as it was launched, and the website gained over a million unique visitors within its first month.

Dogecoin Timeline History


Jackson Palmer and Billy Markus absentmindedly developed a payment system, making fun of the wild speculations in the cryptocurrency world at that time — Dogecoin. It was considered as the first “meme coin” and more specifically, the first “dog coin.” Even with its satirical nature, some people still consider it a legit investment.


In January, Dogecoin’s trading volume briefly surpassed Bitcoin and other cryptocurrencies. Despite that, its market capitalization remained lower than Bitcoin’s. In the same month, Dogecoin’s online community started a fundraiser to raise $50,000 for the Jamaican Bobsled Team. The Jamaican Bobsled Team qualified for the Sochi Winter Olympics, but they might not be able to make it to the prestigious event due to insufficient funds.


Jackson Palmer left the cryptocurrency community and has no plans of coming back. That’s because of this belief that cryptocurrency is fundamentally exploitative and built to enrich its top proponents. Billy Markus agreed that Palmer’s reason was valid.


Dogetipbot, a cryptocurrency transaction platform, became popular on sites like Twitch and Reddit. It allowed its online users to send Dogecoin to other users through commands via Reddit comments. In May 2017, Dogetipbot was taken offline and discontinued after its creator declared bankruptcy.


Dogecoin briefly reached a peak of $0.017 per coin, allowing it to gain a total market capitalization of nearly $2 billion.


In July 2020, the price of Dogecoin spiked following a TikTok trend aimed at getting Dogecoin to $1.


In January, Dogecoin rose by 800% in 24 hours worth $0.07. The increase was a result of the attention it got from Reddit users, partially encouraged by Elon Musk and the GameStop short squeeze.


As of July 2022, Dogecoin has fallen below $0.07, and its $8.9 billion market cap makes it the tenth-largest cryptocurrency.

A Future Full of Doge

With the following that Dogecoin has gained over the years, plus influential people also supporting the project, it will only be a matter of time that they will reach the ultimate goal of $1 per Dogecoin. The coin is under a decade old, which means there is great potential and big room for growth for this asset. Some crypto savants believe Dogecoins is far much better than Bitcoin and will surely surpass the top cryptocurrency in the world, but only time will tell.



Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store