Dogecoin ($DOGE), the cryptocurrency that started as a joke, has become a cultural phenomenon.

Popular meme-based cryptocurrency Dogecoin ($DOGE) was initially released on December 6, 2013, as a “fun and friendly internet currency.” It was created by Billy Markus and Jackson Palmer. Dogecoin is “a decentralized, peer-to-peer digital currency” that has as its mascot “Doge,” a Shiba Inu (a Japanese breed of dog).

With its iconic Shiba Inu dog logo and playful memes, Dogecoin has captured the attention of a younger and more diverse audience and has gained a loyal following on social media platforms.

For example, Dogecoin has gained a significant following on TikTok, where users have created videos with hashtags like #dogecoinchallenge and #dogecointothemoon.

Source: TikTok

Its use in charitable giving and philanthropy has also helped to build a positive and engaged community around the currency. In 2014, the Dogecoin community raised over $30,000 worth of Dogecoin to sponsor the Jamaican bobsled team for the Winter Olympics.

Source: Reddit

Social media has played a significant role in the popularity of Dogecoin. Twitter, Reddit, and TikTok have all become hubs for Dogecoin memes, discussions, and investment tips. For example, in April 2021, a viral tweet by Tesla CEO Elon Musk about Dogecoin led to a massive surge in its value.

Dogecoin’s rise to mainstream prominence has also impacted the perception and adoption of cryptocurrencies as a whole. While some critics see Dogecoin as a frivolous and speculative investment, others see it as a way to engage new audiences and spark interest in the broader cryptocurrency ecosystem.

However, there are also challenges and criticisms of Dogecoin as a viable investment or payment option. Dogecoin’s unlimited supply and lack of a clear use case have made some question its long-term viability and stability.

Dogecoin is currently trading at around $0.0801, which gives it a market of approximately $11.13 billion, making it the ninth most valuable cryptoasset by market cap.

Source: TradingView

The fact that Tesla and SpaceX CEO Elon Musk, who Forbes ranks as the second richest person in the world with an estimated net worth of $173.6 (as of April 23, 2023), happens to like Dogecoin gives many $DOGE HODLERs hope that one day soon he will find a mainstream use case for $DOGE, such as integrating $DOGE in Twitter or perhaps in Musk’s rumored super app (“X”).