Nobody was supposed to take Dogecoin seriously. Back in 2013, a couple of guys created a new cryptocurrency inspired by the "doge" meme, which features a Shiba Inu dog making excited but ungrammatical declarations.
"The price doesn't even matter," Dogecoin cofounder Billy Markus told Motherboard in 2013. Everyone assumed that people would have some fun playing around with a pretend currency for a year or two and then move on. The currency's value peaked around $90 million in February 2014 and then began a years-long slump.
At the start of 2017, the value of all Dogecoins in circulation was around $20 million.