Within two weeks of launch, it had established a dedicated blog and forum and its market value reached $8 million, once jumping to become the seventh largest electronic currency in the world.

[14] Palmer had purchased the domain Dogecoin.com and added a splash screen, which featured the coin's logo and scattered Comic Sans text.

Markus designed Dogecoin's protocol based on existing cryptocurrencies Luckycoin and Litecoin,[15] which use scrypt technology in their proof-of-work algorithm.

[20] On December 25, 2013, the first major theft of Dogecoin occurred when millions of coins were stolen during a hack on the online cryptocurrency wallet platform Dogewallet.

[21] The hacker gained access to the platform's filesystem and modified its send/receive page to send any and all coins to a static internet protocol address.

[22][23] This hacking incident spiked tweets about Dogecoin, making it the most mentioned altcoin on Twitter at the time, although it was in reference to a negative event.

To help those who lost funds on Dogewallet after its breach, the Dogecoin community started an initiative named "SaveDogemas" to help donate coins to those who had them stolen.

[26][27] During the 2017 to early 2018 cryptocurrency bubble, Dogecoin briefly reached a peak of $0.017 on January 7, 2018, putting its total market capitalization near $2 billion.

"[35] The Foundation was reinvigorated by the addition to its Board of notable advisors such as Vitalik Buterin (Ethereum co-founder and inventor) and Jared Birchall (representing Elon Musk).

[36][37][38] In January 2021, Dogecoin went up over 800% in 24 hours, reaching $0.07, as a result of attention from Reddit users, partially encouraged by Elon Musk and the GameStop short squeeze.

[45] At the time[update], Dogecoin's market capitalization approached $50 billion, making it the fifth-highest-valued cryptocurrency;[46] its value had increased more than 7,000% per year to-date.

[49] On August 29, 2024, Elon Musk and his electric vehicle company Tesla won the dismissal of a federal lawsuit accusing them of defrauding investors by hyping the cryptocurrency dogecoin and conducting insider trading, causing billions of dollars of losses.

Trading physical, tangible items in exchange for Dogecoin takes place on online communities such as Reddit and Twitter, where users in such circles frequently share cryptocurrency-related information.

[citation needed] Dogecoin started with an intended supply limit of Ð100 billion, which would have been far more coins than the top digital currencies were then allowing.

On January 19, 2014, a fundraiser was established by the Dogecoin community to raise $50,000 for the Jamaican Bobsled Team, which had qualified for, but could not afford to go to, the Sochi Winter Olympics.

[61] In 2014, The Dogecoin Foundation, led by Eric Nakagawa, began collecting donations to build a well in the Tana river basin in Kenya for World Water Day (March 22).

On March 25, 2014, the Dogecoin community successfully raised Ð67.8 million (around US$55,000 at the time) in an effort to sponsor NASCAR Sprint Cup Series driver Josh Wise.

[64] Wise and the car were featured for nearly a minute, during which the race commentators discussed Dogecoin and the crowdfunding effort, while finishing twentieth and narrowly avoiding multiple wrecks.

[65]On May 16, 2014, Wise won a spot at the Sprint All-Star Race through an online fan vote beating Danica Patrick, largely due to the efforts of the Dogecoin Reddit community.

[85] In the same month, the price of Dogecoin was up 10% in the hours after Musk tweeted a Reddit link for users to submit proposals to improve the cryptocurrency.

Johnson cited Musk's repeated use of his massive social influence to promote the altcoin, which he claims artificially inflated the price.

[93] No reason was given for the icon change, with some speculating that it was a late April Fool's joke,[94] or an attempt to troll investors over the Dogecoin lawsuit that Musk was seeking to end that week.

[95] On November 14, 2024, president-elect Donald Trump announced that Elon Musk and Vivek Ramaswamy would lead a new Department of Government Efficiency or DOGE for short, an acronym that shares the name of Dogecoin.