Dogecoin (DOGE) is a cryptocurrency built around the popular “doge” meme featuring a Shiba Inu. Founder Jackson Palmer announced the project on Twitter in November 2013 as a joke. When friends and industry peers encouraged him to pursue the project, Palmer purchased the domain dogecoin.com and began building. He was soon joined by Billy Markus.
The founders believed that Dogecoin could be a more lighthearted and accessible introduction to cryptocurrency, as Bitcoin (BTC) had started to become stigmatized following the Silk Road debacle and mining had become increasingly unfeasible with consumer laptops. Palmer left the project in June 2014.
Dogecoin is based on Luckycoin (LKY), which is itself a fork of Litecoin (LTC). It features an inflationary monetary policy with no cap. The block reward is set at 10,000 DOGE per block per minute.