Dogecoin, the meme-inspired cryptocurrency, may have started a joke — but now the quirky digital token has exploded into the center of the trillion-dollar crypto market.
It is the 6th most valuable cryptocurrency currently, having increased by more than 1400% over the past 12 months, according to CoinMarketCap.
And while different types of cryptocurrencies do share similarities, each digital currency also has unique characteristics that distinguish them in important ways.
So what sets dogecoin apart from its peers, including bitcoin and ethereum? Here’s what it’s all about.
What is dogecoin?
Software engineers Billy Marcus and Jackson Palmer created dogecoin in 2013 as a way to make fun of the hype around bitcoin and the various other cryptocurrencies at the time.
The digital currency features the face of the Shiba Inu dog from the viral “Doge” meme as its logo and namesake.
Marcus has admitted on Reddit and in several interviews with the media that it was created it in a matter of hours as a joke — and he sold all of his holdings in 2015.
Even last week, the co-creator quipped on Twitter that, “i made doge in like 2 hours i didn’t consider anything.”