Dogecoin (DOGE) is an open-source cryptocurrency derivative of Luckycoin based on Litecoin. Its proof of work mechanism uses script technology. The coin was launched on December 6, 2013, by two software engineers- A Portland, Oregon-based IBM programmer Billy Markus and his pal Jackson Palmer, an Adobe Inc. product manager from Sydney, Australia.
While it began as a joke, bearing the logo of the Shiba Inu dog, DOGE gradually attracted the masses, hitting a market cap of more than $85 billion by May 2021.
Jackson Palmer wanted to poke fun at cryptocurrency hype, and people called him a skeptical analyst. His tweets received lots of positive feedback when he introduced Dogecoin.com.
Meanwhile, Billy Markus was trying to develop a cryptocurrency, but his marketing efforts were fruitless. He reached out to Plamer and leveraged the Dogecoin buzz to sell software that is now the real Dogecoin.