Dogecoin (DOGE): The Cultural Significance of a Joke Cryptocurrency
Dogecoin highlights that cryptocurrency may be used for a variety of purposes, from amusement to charity donations.
Summary
DOGE (Dogecoin) is a popular cryptocurrency that mocks other blockchain initiatives. It was established as an instructional tool, with a focus on social media and popular culture to reach a wider audience than other more serious cryptocurrencies.
Dogecoin established a joyful and friendly community of supporters in its quest to provide the general public with a simple introduction to the world of cryptocurrencies through the well-known “Doge” meme that inspired its name.
This group has proven to be generous, accepting, and good-natured — though a little goofy at times. Dogecoin’s sustained relevance is due in large part, if not entirely, to its cultural significance and supportive community.
Contents
Cultural Significance of Dogecoin
The ebb and flow of social media have a significant impact on Dogecoin. DOGE, in particular, has gained celebrity endorsements on Twitter.
Elon Musk, for example, jokingly accepted the position of CEO of Dogecoin as a result of a Twitter poll. Then, in July 2020, a TikTok social media campaign urged millions of users to buy $25 worth of DOGE tokens in order to drive the price of DOGE to $1.
Some believe that this effort was an illegal “pump-and-dump” strategy designed to boost the price of DOGE so that current holders could sell at a profit.
While the campaign fell short of its declared goal, it did manage to boost the price of DOGE by over 600%. While this may appear to be a little incident, it demonstrates the power of social media in promoting crypto adoption.
Dogecoin’s relevance has proceeded to spread into other areas of popular culture as well.
Dogeminer, for example, is a web-based video game (also accessible on the Google Play store) that simulates Dogecoin mining. It teaches players the fundamentals of cryptocurrency mining in an entertaining and approachable fashion, resulting in many players becoming more involved in the larger crypto community.
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How to Use DOGE
Dogecoin was never meant to be used as a currency or a store of wealth. Instead, Dogecoin’s main use case thus far has been as a tipping currency (especially in online settings). DOGE is a cryptocurrency that people pay to online content providers in exchange for hilarious, instructive, or otherwise remarkable material.
Another example of cryptocurrency’s entanglement with social media and popular internet culture is tipping content creators on Reddit, Twitter, and Twitch.
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The Good-Willed Dogecoin Community
DOGE tipping’s humanitarian spirit has grown to include full-fledged nonprofit causes. DOGE has been utilized to support a variety of contribution efforts, from the ridiculous to the noble.
The Dogecoin community essentially crowd-funded a sponsorship for an underdog Nascar driver as a publicity stunt in support of the ridiculous. Nascar racer Josh Wise was identified by Reddit users as an up-and-coming racer without a sponsor.
Wise was completely funded to compete in a Nascar race at the legendary Talladega Superspeedway within eight days of accumulating funds, courtesy to his new sponsor, the Dogecoin community.
Wise received $55,000 in Dogecoin cryptocurrency donations and competed in a Dogecoin-wrapped Chevrolet with a large Shiba Inu — Dogecoin’s mascot — on the hood.
In terms of charitable purposes, the Dogecoin community has completed the following contribution campaigns through the Dogecoin Foundation, a Colorado-based nonprofit:
- $25,000 to 4 Paws For Ability, a nonprofit that trains service animals for children and veterans with disabilities
- More than $30,000 to send athletes from India and Africa to the 2014 Winter Olympics in Sochi, Russia
- In excess of $30,000 to a nonprofit campaign that aims to provide access to clean drinking water in Kenya via a program called Doge4Water
On a more informal level, the Dogecoin community has a history of supporting content creators with micro-payments and charitable organizations with much bigger donations. The Dogecoin Foundation, on the other hand, has been dormant since 2015, the same year that Dogecoin received its last significant technological update.
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