Bitcoin is the most famous cryptocurrency, but its one of hundreds. Litecoin, Peercoin, Fastcoin.. etc. you get the picture. Anyone can start a cryptocurrency – which are generated by computers and rely on decentralized, peer-to-peer networks. The reality is that most of these are / will become worthless.
Enter Dogecoin. In 8 weeks it has become one of the top cryptocurrencies in the world ($60M market cap). This currency was named after an Internet meme displaying a dog speaking in grammatically incorrect English. The difference between Dogecoin and all the rest is name recognition. Dogecoin’s fast rise is partially due to the crowd-funding activities it has been associated with.
Reddit sent the Jamaican Olympic bobsled to the 2014 Sochi Olympics by donating $30k worth of Dogecoins in slightly over a 24 hours.
Then Shiva Keshavan, an Olympic luger from India raised $5K in Dogecoin to fund his trip to Sochi.
Dogecoin’s friendly feel also makes it more accessible to the public. In fact on reddit, it has the 2nd largest cryptocurrency community and is growing much faster than what Bitcoin.