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Dogecoin, also known as "Dog Money/Dog Coin", was born on December 8, 2013 and is the second largest virtual currency in the world after Bitcoin, based on the Scrypt algorithm. When the dog coin system went online, traffic exploded thanks to Reddit, with a market capitalization of 100 million as of June 9, 2015. With no pre-digs, fair distribution of dog coins, a culture of charity and appreciation, and an alarmingly rapid user development. Dogecoin's faster block spacing and extremely low rates make Dogecoin suitable for small payments and online shopping, and has been widely used in Europe and the United States for rewards and charity. Dogecoin has been adopted by online merchants and can easily be used as a means of transferring money between consumers.

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The founders say Dogecoin is not like Bitcoin, where people don't get involved for speculation, but to express feelings of sharing and concern. This also created that at the beginning of the dogecoin spread by people to share.

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Millions of people learn about cryptocurrencies such as Bitcoin through TikTok. Cryptocurrencies enthusiast James Galante posted a short video in TikTok titled "Let's All Get Rich" recommending that everyone invest $25 in Dogecoin to push the price of Dogecoin up to one dollar, sparking the Dogecoin craze that swept the cryptocurrencies market again; Square launched a cryptocurrencies marketing campaign on TikTok, which attracted 136.5 million views under the hashtag "cashappthatmoney", making it one of the most popular mobile payment apps in the United States;