Is Dogecoin a joke cryptocurrency?

Dogecoin is inspired by an Internet meme of a Shiba Inu dog. — AFP Relaxnews

Dogecoin is the name of a cryptocurrency inspired by the Internet's famous Doge meme. Last week, its value rose sharply thanks to the mass effort of stock market dabblers and social media users. Created in Dec 2013 by Billy Markus, an American software engineer, this cryptocurrency today counts a community of some 336,200 people.

With the Dogecoin, Billy Markus wanted to have a laugh with his friends, poking fun at other budding cryptocurrencies by making a kind of crypto-meme mashup with the potential to reach out to as many people as the Bitcoin. And with a little Shiba Inu dog as its logo, the cryptocurrency clearly references Doge, one of the Internet's cult memes, dating back to 2003. Peak ridicule achieved.