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Dogecoin (DOGE): The cultural significance of a meme coin



Dogecoin shows that cryptocurrencies can be used for many purposes - from spreading humor to supporting charities.



SUMMARY


Dogecoin (DOGE) is a widely known cryptocurrency that parodies other blockchain projects. It was created to serve as an educational tool and reach a wider audience than other, more serious cryptocurrencies through its focus on social media and popular culture. In an effort to bring the world of cryptocurrencies to the masses through the popular meme "Doge" that inspired its name, Dogecoin has spawned a fun and friendly community of supporters. This community has proven to be charitable, welcoming, and good-natured - even if a bit silly at times. Dogecoin owes much, if not all, of its continued relevance to its cultural significance and supportive community.



CONTENT

  • Cultural significance of Dogecoin

  • How to use DOGE

  • The benevolent Dogecoin community


CULTURAL SIGNIFICANCE OF DOGECOIN


Dogecoin is heavily influenced by the ebb and flow of social media. In particular, DOGE has been praised by prominent figures on Twitter. For example, Elon Musk jokingly accepted an appointment as CEO of Dogecoin as a result of a public poll on Twitter. In July 2020, a social media campaign on TikTok called on millions of users to buy $25 worth of DOGE tokens to drive the price of DOGE to $1. Some consider this campaign an illegal "pump and dump" scheme to drive up the price for the benefit of current DOGE owners so they can sell at a profit. Although the push missed its target, it succeeded in raising the DOGE price by more than 600%. This seemingly trivial action shows the power social media can have when it comes to promoting the spread of cryptocurrencies.


The importance of Dogecoin has also spilled over into other aspects of popular culture. One example is Dogeminer - a web-based video game (also available on the Google Play Store) that simulates the mining of Dogecoin. It teaches players the basics of cryptocurrency mining in a fun and easy-to-understand way, leading many players to become more involved in the crypto community.



HOW TO USE DOGE


Dogecoin is not meant to be an investment or store of value. Instead, Dogecoin is primarily used as a tip (especially in the online space). People donate DOGE to online content creators for funny, informative, or otherwise noteworthy content. Tipping on Reddit, Twitter and Twitch is another example of cryptocurrency's intertwining with social media and popular internet culture.



THE BENEVOLENT DOGECOIN COMMUNITY


The charitable spirit of DOGE tips has grown into a real charity. DOGE has been used to support numerous fundraising campaigns, ranging from the silly to the noble.


The Dogecoin community used crowdfunding to sponsor a losing Nascar driver - a publicity stunt of sorts. Reddit users identified Nascar racer Josh Wise as an aspiring racer who had no sponsor. Within eight days, Wise was fully sponsored for a Nascar race at the famed Talladega Superspeedway thanks to his new sponsor, the Dogecoin community. Wise received Dogecoin crypto donations totaling US$55,000 and raced in a Dogecoin-wrapped Chevrolet with a large Shiba Inu - Dogecoin's iconic mascot - on the bonnet.


In terms of charitable causes, the Dogecoin community, through the Colorado-based non-profit Dogecoin Foundation, has raised the following:

  • $25,000 to 4 Paws For Ability, a non-profit organization 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.

  • More than $30,000 for a non-profit campaign to provide access to clean drinking water in Kenya through the Doge4Water program.

On an unofficial level, the Dogecoin community has a track record of supporting content creators with micro-donations and supporting charities with much larger donations. On an organisational level, however, the Dogecoin Foundation has been inactive since 2015, the year Dogecoin last received major technical updates.

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