Initially introduced as a “joke currency” in December 2013, Dogecoin immediately developed its own online community and reached a capitalization of 60 million USD in January 2014.
Unlike other cryptocurrencies, Dogecoin had a fast initial coin production schedule. There were 100 billion coins that circulated by mid-2015, with an additional 5.256 billion coins every year respectively. As of June 2015, the 100 billionth Dogecoin had been mined. Even though there were a few mainstream commercial applications, Dogecoin gained traction as an Internet tipping system, in which social media users provide Dogecoin tips to other users for giving interesting content. It is also considered an “Altcoin.”