Introduction:
Despite its beginnings as a meme coin, Dogecoin (DOGE) has been a popular cryptocurrency for more than ten years. DOGE, which has a market value of more than $11 billion and is ranked number 11 among all cryptocurrency assets, has proven resilient, and many people think 2025 might see another upswing. Even though it has recently lagged, there is no denying its potential for growth in 2025.
1. Dogecoin’s Legacy: The Meme Coin That Won’t Die
Dogecoin is going to pump, that’s why I picked it as one of my top eight coins for 2024, but so far it’s been lagging behind. The original meme coin has been around for so many years and constantly finds ways to reinvent itself. Now in 2024, Doge has firmly established itself as a force to be reckoned with and stands alone as the only successful meme coin to be around for 10-plus years. It has always been in the top 50, usually in the top 10 to 20 of all coins.
So be a good boy, sit down so your profits can roll over.
What a bad dog joke. Who am I, El—let’s get it.
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Join B Nation. Today we’re going to talk about Dogecoin, the original meme coin. As you might expect, Dogecoin has a ticker: DOGE. It has a market cap of over $11 billion and is ranked at number 11 on the list of top crypto assets.
2. The Truth About Dogecoin’s Tokenomics
Of course, DOGE famously topped out around 70 cents when Elon appeared on SNL in 2021, but his 2021 run firmly implanted it into the big boys of crypto—probably to stay. If meme coins don’t go extinct, DOGE should probably always have a good spot at the kennel.
But it certainly isn’t the quality of the project that gets me excited. In fact, Dogecoin’s tokenomics are terrible on paper. Dogecoin was initially designed with a maximum limit of 100 billion coins, but this cap was removed in 2014, making Dogecoin an inflationary currency with an unlimited supply.
This is the exact opposite of what people are usually hoping for when it comes to tokenomics. Approximately 5 billion new Dogecoins are added into circulation each year, which means that a lot of buying pressure is going to be needed to keep the price stable.
The tokenomics have scared many smart people away from the project over the years, and they could definitely be better—but it obviously shouldn’t be a dealbreaker.
3. From Joke to Viral Sensation: Dogecoin’s Humble Beginnings
On a technical level, Dogecoin is a fork of a project called Luckycoin. This long-forgotten project was a fork of Litecoin, so Dogecoin and Litecoin’s early tech have a lot of similarities—including that both founders sold them back.
For example, Litecoin and Dogecoin both use a Scrypt algorithm for their proof-of-work consensus mechanism. It is common knowledge that Dogecoin was started as a joke. That much is obvious. Most meme coins are jokes, but Dogecoin was a bit different because the founders—well, they were actually making a joke out of crypto.
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DOGE was launched back in 2013, around the same time as Bitcoin’s first mainstream bull run. This was also when the first altcoins were popping off. This was before Ethereum and other smart contract platforms, so all these new altcoins were built on their own blockchains.
Most of them were forks of Bitcoin with small tweaks, but they all promised that they were going to be better than Bitcoin and change the world of finance.
This was the very first alt season. Two programmers, Billy Markus and Jackson Palmer, decided to launch their own altcoin—but they would be promising absolutely nothing. The coin would just be a pointless meme.
They thought it was a joke, but they had no clue how radical their idea was. It’s kind of funny—they were trying to make some sort of statement about how ridiculous speculation in the industry can be, but they created one of the most ridiculous and speculative trends the world has ever seen.
Thanks, guys. The project was launched on December 6, 2013, way back in the early days of crypto.
Now, if this is your very first time on the internet, you might need a reminder that Doge and Dogecoin is based on the Shiba Inu dog from the Doge memes.
4. Elon Musk’s Influence: The Rollercoaster of Dogecoin
It didn’t take long before Dogecoin was a viral hit. It became one of the most talked-about projects in the industry. It was embraced by a very large segment of the crypto industry—even some of the Bitcoin Maxis bought DOGE because they thought it was fun and didn’t see it as a threat.
They also thought they were making fun of altcoins by supporting Dogecoin—not knowing that the creators of the project were making fun of them too. They tried to troll crypto, but in the end, these two guys—well, they were the only ones who got trolled.
Since Bitcoin’s fees were starting to get high around this time, DOGE started to fill a space for low-value transactions. It became extremely popular for tipping influencers or commenters who left good responses on Reddit.
At some point during 2014, there was more trading volume for DOGE than there was for all of the other crypto assets that were on exchanges at that time.
The founders entirely abandoned the project and sold their stake in 2015, throwing away their chance to be billionaires in the process.
Co-founder Billy Markus told the DOGE community that he sold his bags in 2015 for a used Honda Civic. He said he bought back into the project in 2021 when Dogecoin was rallying over 20 cents. He’s still down on that investment as we’re recording this video.
I respect him for still being able to have some fun with it, but I did notice that he deleted those tweets in 2021 where he talked about buying back in. I guess he felt they didn’t age well during the bear market.
Jackson Palmer, the other co-founder, is a lot more bitter about the situation. He seems to have made it his life’s mission to destroy crypto.
Whenever crypto is pumping, he’s appearing on the news to talk about how bad it is. During the last bull market, he launched a short-lived podcast called “Griftonomics” where he documented scams and market behavior.
The project stalled out after a dozen episodes with about 1,000 subscribers on YouTube. For most people, that’s probably a decent accomplishment—but for someone with his background, that honestly is very sad.
5. The Future of Dogecoin: Will It Survive the Hype?
With the founders gone, Dogecoin became a community-run project. Very little development was needed because most crypto projects back in those days had the same velocity as Bitcoin, which was creating a blockchain that hardly ever needed to be upgraded.
Dogecoin was pushed along by its community for years and continued to have a constant presence in any conversation about crypto, especially in the mainstream media.
It still wasn’t really taken seriously as an investment though. Very few people thought that they were going to get rich on Dogecoin—it was mostly just for fun.
That all started to change in 2019 though. That’s when one of the richest men in the world, Elon Musk, decided to start shilling Dogecoin.
In April of that year, Musk won a poll where the Dogecoin community was asked who the CEO of the project should be. The other contenders were Vitalik, Charlie Lee of Litecoin, and Michael Herner of a few companies you probably never heard of.
The shocking thing about this poll wasn’t the Musk win—it’s that Michael Herner came in second place. I guess Charlie’s still being punished for selling his bags.
When he was tagged in the poll, Musk replied, “Doge might be my fav cryptocurrency. It’s pretty cool.”
You know what else is pretty cool? Trading on VMAX. Make sure to click the VMAX link in the description or scan the QR code on the screen.
His acceptance of the unofficial CEO role caused some excitement, but it was still in the middle of the bear market, so it didn’t go straight to the moon right away.
It was also a long time before he would recognize Doge or post about it again—but the next time he did, things really started to take off.
In December of 2020, when the bull market was starting to heat up again, he posted one word: “Doge.” The price rallied by nearly 20%.
Two months later, in February 2021, he called Dogecoin “the people’s crypto,” causing it to rocket more than 50% to a new all-time high over 5 cents.
This is when things started getting really great. DOGE still had a strong community, and it was getting bigger by the day—but this was the first time it had a great leader.
This was good and bad. Elon’s support helped push DOGE into the mainstream, but it was also way too dependent on one person—one person who is just as volatile as the crypto markets.
By April, Dogecoin was reaching an all-time high of over 60 cents because there was a ton of hype about Elon Musk appearing on Saturday Night Live.
He was scheduled to guest host the show in early May, and everyone was thinking that he was going to go on there to shill DOGE to millions of normies and push the price past a dollar.
This isn’t what ended up happening, though. Even on the show, his only mention of Dogecoin was calling it a “hustle.”
Within a week, the price of DOGE was cut in half—down to the 30-cent range. This would be the beginning of a slow and steady decline that would push DOGE down under 10 cents, where it remained through the entire bear market.
Even though DOGE crashed down hard from its all-time high, it still maintained a floor of roughly 5 cents—which is much higher than it was in previous bear markets.
Seeing DOGE above a penny was rare back in the day, so the long-time holders are very happy.google
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