Dogecoin has become a very popular cryptocurrency since it was introduced in December 2013. Since then, this currency based on the popular internet meme has been widely used as a “tipping” system for dogecoin Reddit users, while also acting as a successful medium for crowdfunding campaigns. The internet meme features funny, nonsensical and misspelled captions overlayed atop images of a Shiba Inu dog. For those unfamiliar, these captions include, “so very wow,” “such coin,” “very moon,” some of which are hard to understand for those outside the growing community.
Developed and created by Billy Markus, with an aim to create a “fun” cryptocurrency that could reach a broader demographic than Bitcoin, Dogecoin has achieved sizeable growth in the short six months since its introduction. Although it is not likely for the value to surpass Bitcoin, the trading volume of the cryptocurrency surpassed that of Bitcoin and all other cryptocurrencies combined in January 2014. Since that time, the community has been actively working to crowdfund athletes, including the Jamaican bobsled team, Sochi athlete Shiva Keshavan, and more recently, a NASCAR driver.
Less than a month ago, passionate fans of Dogecoin made history yet again. Shortly after the community supporting the meme-based cryptocurrency sponsored the Jamaican bobsled team in Sochi, Shiba Inus everywhere are yelping with spastic joy at the opportunity to sponsor another sport. This time around Dogecoin has raised over $55,000 to sponsor NASCAR driver Josh Wise.
At the time, Josh Wise was without a sponsor for the upcoming Aaron’s 499 at Talladega Superspeedway in May. What the Dogecoin community did was nothing short of incredible. They banded together, took to Reddit and further showed us the power of cryptocurrency. To sponsor the NASCAR racer, members of Reddit donated 67.8 million Dogecoin just days after the crowdfunding campaign began, making this the first cryptocurrency themed racecar to be driven in a NASCAR event.
Moments after the announcement, Wise tweeted, “Just a week ago this was only an idea and now it’s a reality. So thankful for all the fans, Reddit community and Dogecoin for doing this.” Wise also participated in an AMA on Reddit and when asked how he felt about the knowing he was sponsored by a $55,000 crowdsourcing effort, he concisely stated, “Mind blown! Thankful.” Furthermore, when asked what the NASCAR community thought of the sponsorship, Wise summed it up in three words: “Confused, surprised, curious.”
The final design of the car was decided via the “paintjob contest” that took place on subreddit. The winning user designed three separate livery options: gold, silver and black. Soon after, the black scheme was chosen through a user poll held on Doge 4 Nascar, which received 58 percent of user votes.
The upcoming race on May 4th will further prove what cryptocurrencies like Dogecoin make possible. For Shiba Inus around the world, the focus on crowdsourcing, sponsorship and charity will continue to excite the community and drive its popularity. If you want to see history in the making, tune in to the race, which will definitely be “so very wow,” “so NASCAR” and consist of “much speed.”
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