The Dogecoin following on Reddit started calling themselves the ‘shibes’ community. They pulled together very early on when the site was hacked and coins were stolen from a small group of users. After a spontaneous fundraiser, they donated 15mln coins to those who had lost out.
Although Dogecoin was not a crypto that could be used for anything at the time, it was clear, after the hack, that it had community value. And so, the fundraising through Doge donations continued. A fun fact is that the ‘shibes’ raised about $30,000 (in only a few hours) to send a Jamaican bobsled team to the Winter Olympics in Russia in 2014. Other projects included guide dogs for children with special needs and a water aid project in Kenya. These charitable activities caught the attention of mainstream newspapers and gave Dogecoin exposure to an even wider audience. It was lauded as the “people’s crypto”.
It was given a further boost, recently, by both Elon Musk and Snoop Dogg (of course), who started tweeting about Dogecoin. Elon Musk announced he was going to put a literal Dogecoin on the moon with SpaceX, and the entrepreneur and Shark Tank panellist Mark Cuban said that Dogecoin has the “best entertainment value” (and expects it to go to $1 per coin).
Dogecoin currently, in April 2021, is worth $0,27 per coin (Bitcoin is at $50,000) and – despite its jokey image – has a total market capitalisation of $48bln.
Dogecoin has come a long way and is surely more grown up today than was the intention in 2013, but it has not lost its humour and sense of fun. But early investors also have a 10,000% return on investments to laugh about. Not bad for a joke.