Dogecoin, which started as a parody cryptocurrency, has now broken the $1 bln market cap showing how far virtual currencies have come since Bitcoin’s inception in 2009. Nevertheless, in the space of five years, Dogecoin has grown into its own vibrant community of users. Over time, Dogecoin has become popular as a ‘tipping system’ among its users - as stated on the website.The cryptocurrency has no limit on the amount of coins that can be created by mining. At the time of writing, there are over 112 bln Dogecoins in circulation. While a single Dogecoin is worth no more than $0.01, a single cent, the total market capitalization is now over $1.19 bln - amounting to 72,423 Bitcoin.
The Dogecoin community is also well known for its charitable endeavors.
In 2013, Dogecoin wallet platform Dogewallet was hacked and millions of coins were stolen. In the aftermath, the Dogecoin community started a fundraising effort known as SaveDogemas, which eventually raised the same amount of Dogecoin stolen in the hack just a month after the cyber theft.
The community has also raised funds for Olympic athletes, water projects in Kenya as well as retired NASCAR driver Josh Wise.