Dogecoin, as mentioned in Read Write Own, was originally created as a satire of cryptocurrencies like Bitcoin. Yet, over the years, Dogecoin has maintained a surprisingly stable market capitalization in the billions—despite having no practical applications on its blockchain. Few merchants accept Dogecoin as payment, but it has cultivated a passionate community. Its Reddit forum boasts over 200,000 subscribers, and its most famous supporter? None other than Elon Musk.
Turning Users Into Owners
Perhaps the best example of self-promotion in crypto is Dogecoin—a legendary "meme coin" and even a parody token.
Like many meme coins, Dogecoin emerged from the open-source ethos of blockchain. Creating a blockchain network is straightforward: anyone can fork existing code to spin off their own chain and token. Dogecoin itself is a fork of a fork of a fork—it originated from Luckycoin, which forked from Litecoin, which forked from Bitcoin. In a way, this exemplifies blockchain’s composability.
Dogecoin’s creators intended it as a jab at Bitcoin-style cryptocurrencies, yet Dogecoin’s market cap has remained stubbornly stable for years. While barely any merchants accept it as payment, Dogecoin’s fanbase is fiercely loyal. Its subreddit has over 200,000 subscribers, and supporters include Elon Musk. Some fans have even married after meeting at Dogecoin gatherings.
Ironically, Dogecoin’s creators despise its success, frequently criticizing crypto to dissuade enthusiasts from embracing their invention. Despite their disdain, Dogecoin—like Frankenstein’s monster—escaped its creators’ control and took on a life of its own (albeit a much cuter one).
Dogecoin’s resilience proves that grassroots communities can sustain blockchain networks even when founders abandon or attack them. To users, Dogecoin may be a "bad" network, but it’s their bad network. They own it. Its fate rests entirely in their hands—unlike corporate networks where users have no say.
That said, I’m no Dogecoin fan (at least not yet). Most meme coins strike me as speculative tools or outright Ponzi schemes. But disagreement is fine—that’s the beauty of permissionless blockchains.
Ownership: A Powerful Force
Dogecoin’s decade-long vitality isn’t unique—many meme coins have similarly defied collapse. For 30 years, internet users fueled its growth with little reward. Corporate networks exploited them, but tokens like Dogecoin offered an alternative: ownership and economic payoff.
This power becomes unstoppable when paired with utility. Take Uniswap, a decentralized exchange run by its community. Since 2018, over $1 trillion in assets has flowed through it. In 2020, Uniswap airdropped 15% of its tokens to early users—around 250,000 people—granting them governance rights and stakes worth thousands. Another 45% was reserved for community incentives, meaning 60% of Uniswap’s tokens belong to its users.
Traditional tech startups never shared ownership at this scale. Corporate networks hoard value, rewarding only insiders—never the users who build them. Facebook, TikTok, Twitter? None distribute equity to their true architects.
Blockchains vs. Corporate Networks
Corporate networks have virtues (Amazon, Google, etc., drive prices down while improving quality). But imagine if they shared ownership like blockchains:
- Blockchains routinely distribute 50%+ of tokens via airdrops, developer grants, and user rewards.
- Ownership is decentralized, proportional to contribution.
Corporate networks could adopt this model—but they haven’t. Even if they did, they’d still lack blockchain’s credible commitments, immutable APIs, and resistance to rent-seeking.
TL;DR: Dogecoin and meme coins—silly as they seem—prove users crave ownership. Tokens reignite the internet’s original vision: a decentralized, user-owned commons.
FAQs About Dogecoin
Q: Why does Elon Musk support Dogecoin?
A: Musk appreciates its meme culture and community-driven ethos. His tweets often jokingly hype Dogecoin, boosting its popularity.
Q: Is Dogecoin a good investment?
A: It’s highly speculative. Unlike Bitcoin or Ethereum, Dogecoin lacks strong utility—its value hinges on community sentiment.
Q: Can I buy things with Dogecoin?
A: Few major merchants accept it, but some niche platforms and charities do. It’s more a cultural symbol than a practical currency.
👉 Want to explore other cryptocurrencies? Check out this exchange
Q: How is Dogecoin different from Bitcoin?
A: Bitcoin is scarce (21M cap) and designed as digital gold. Dogecoin is inflationary (no cap), faster, and started as a joke.
Q: What’s the future of meme coins?
A: Some may evolve beyond jokes (e.g., adding utility). Others will fade. Their longevity depends on community engagement.
👉 Discover how blockchain ownership works in DeFi
Q: Can Dogecoin’s value drop to zero?
A: Yes—like any asset, if demand vanishes. But its strong community makes sudden collapse unlikely.