Dogecoin is based on the well-known meme of a slightly embarrassed Shiba Inu dog. In 2013, Adobe marketer Jackson Palmer and IBM developer Billy Markus undertook to perpetuate this funny picture in the digital universe and, at the same time, make a parody of the irrepressible growth of altcoins. Unlike Bitcoin's developer, they do not hide their identities.
Since the purpose of DOGE creation was rather playful, the marketing side of this project wasn't developed in any way. However, the expanded protocol still began to be used to transfer small amounts with a low commission.
Elon Musk liked the idea of Doge so much that he dedicated several posts on Twitter to it and called it his favourite. Moreover, the CEO of Tesla promised to place a physical Dogecoin on the moon. But to be honest, the moon is still far away! Therefore, investors did not strongly share Musk's optimism, as DOGE hasn't managed to repeat the bitcoin record yet.
Perhaps the reason lies in the fact that the production of coins is unlimited which means that miners can continue to produce them indefinitely. This coin is one of the cheapest on the market for 2021. For this reason, Dogecoin is often used to pay for small products and services and to send donations.