Palmer jokingly coined the phrase “Dogecoin” to himself and took to his Twitter account to post the now-infamous line, “Investing in Dogecoin, pretty sure it’s the next big thing.” It immediately sparked interest from the meme-fuelled crypto community. Step 5: Set up a Dogecoin Wallet The low per-coin value of Dogecoin makes this internet currency convenient for use in crowdfunding activities. Its community is highly active, organizing fundraising activities for deserving social causes. In 2014, Dogecoin users sponsored a NASCAR driver. They also helped send a Jamaican bobsledding team to the 2014 Winter Olympics in Sochi, Russia. Since then, the group has continued to support a variety of other charitable endeavors.
Starting on December 19, 2013, the price of dogecoin rose almost 300% over the course of three days from $0.00026 to $0.00095, before falling 80% three days later, exhibiting the whipsaw volatility characteristic of lesser-known altcoins at that time. Shortly thereafter, millions of dogecoins were stolen from the online cryptocurrency wallet Dogewallet. In response to this hack, the community came together and formed the “SaveDogemas” initiative for the purpose of donating dogecoins to all those affected by the theft. Eventually, everyone who lost dogecoins in the Dogewallet hack was made whole. Warren Buffett's business partner rips into 'cryptocrappo' - and says he's ashamed of America for embracing bitcoin and its kin Total Transfers