What is Dogecoin (DOGE)?

Dogecoin (DOGE) is one of the largest cap altcoins on the crypto market today. Launched in December 2013 by Billy Markus and Jackson Palmer as a lighthearted spoof of more traditional cryptocurrencies such as Bitcoin, iconified by a Shiba Inu mascot, Dogecoin has defied expectations to become a top-performing asset. At its core, DOGE is an open source peer-to-peer cryptocurrency that uses blockchain technology, and unofficially stands for: Do Only Good Everyday. Marketed as “the people’s cryptocurrency”, Dogecoin has taken on a reputation as the do-gooder, being used to tip content creators, make micro-payments and fund charitable initiatives.

In this article, we delve a little deeper into the DOGE story, explore what Elon Musk has to do with Dogecoin, and what the future holds for the original memecoin.

The DOGE story

Over the years, Dogecoin has cultivated a passionate and resilient community (DOGE’s claim is ‘the people’s cryptocurrency’) that embraces both its ‘meme’ beginnings and its real-world utility. Unlike Bitcoin, which has a capped supply and is often treated as digital gold, Dogecoin’s inflationary model encourages regular spending rather than hoarding, making it well-suited for everyday transactions. What’s more, DOGE’s low transaction fees, speedy block confirmation (one minute), and infinite supply model have made it an appealing option for tipping content creators, micro-payments, and charitable initiatives. 

This practicality has translated into real-world impact. Dogecoin users have organized fundraising campaigns for causes ranging from sponsoring Olympic athletes to supporting clean water initiatives in developing countries. Its lighthearted branding and grassroots ethos have helped it remain accessible to newcomers, while its integration into platforms like X (formerly Twitter) continues to evolve its role in the crypto economy. DOGE has proven to be much more than just a joke, and today represents an important feature of the cryptosphere.

What does Elon Musk have to do with DOGE?

While he has nothing to do with the creation of Dogecoin, Elon Musk has long been synonymous with the crypto asset. He has played a significant role in its success by becoming a public advocate for the project. Back in late 2020 for example, his Tweets, such as “One Word: DOGE” and calling Dogecoin “the people’s crypto”, directly triggered surges in DOGE’s value, with up to a 20% or even 40 % jump in a matter of hours. But he hasn't always had a positive influence… His surprise mention of Dogecoin during his “Saturday Night Live” appearance in 2021 caused a 30% drop in the asset’s value, proof of just how sensitive the crypto market is to pop culture and social media. 

More recently, Musk has further amplified DOGE’s visibility through his involvement with the U.S. “Department of Government Efficiency” (acronymically known as DOGE) under the Trump administration. He was appointed senior advisor in early 2025, integrating his Dogecoin advocacy into a high-profile government role, even humorously suggesting DOGE could "delete itself" once its mission completed. While this organization had nothing to do with the cryptocurrency, Musk’s association has kept the altcoin firmly in the headlines, increasing awareness and curiosity as a result.

What’s Next for Dogecoin?

Dogecoin (DOGE) may have started as a joke, but over a decade later, it is the eighth largest crypto asset by market cap, currently sitting at over $26 B. What began as a meme has grown into a widely recognized digital asset, backed by a loyal community and a strong presence in crypto culture. Dogecoin’s future will likely depend on how well it continues to capture public interest, wider acceptance for everyday payments, and maintaining relevance in a rapidly evolving cryptosphere. 

For traders, DOGE remains one of the higher-risk, higher-reward assets. Its price often swings based on sentiment and social media buzz, rather than intrinsic value. Rather than treating Dogecoin as a long-term store of value, many traders use it as a speculative asset or a way to diversify exposure within a broader altcoin portfolio. But, Dogecoin’s technical development is less active compared to other major cryptocurrencies, and its price movements are rarely tied to roadmap updates or protocol innovation.

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