What is Dogecoin?

Dogecoin is an open-source digital currency created in 2013 by software engineers Billy Markus and Jackson Palmer, initially as a parody of the market. It operates as a peer-to-peer medium for fast payments and digital tipping, utilizing a proof of work consensus mechanism and the Scrypt algorithm. The network is a fork of LuckyCoin, which is itself a fork of Litecoin, and features merged mining, allowing combined operations with other Scrypt-based networks.

Governance is handled by a decentralized group of volunteers alongside the non-profit Dogecoin Foundation, rather than a formal company. Dogecoin has an uncapped supply, allowing for the continuous addition of new coins, which helps maintain low transaction fees. In March 2026, Dogecoin was classified as a digital commodity by a joint SEC and CFTC framework, aligning it within the same asset category as gold and oil.