Over the past three days 4chan’s random imageboard, /b, has been engaging in what can best be described as Dogecoin Christmas. In more than three dozen threads, /b/ users have been giving each other dogecoins—sometimes up to 10,000 coins at once.
Dogecoin was launched on Dec. 6 as the first open-source, peer-to-peer cryptocurrency based on the “Shibe” or “Doge” meme, a popular photo featuring a dog that shows what he’s thinking in Comic Sans. Doge’s unique use of language has made it 2013’s funnier answer to lolcats.
There are currently more than 7 billion dogecoins on the market, with a cap of 100 billion that can eventually be mined. The current value is set at $ 0.00025 per dogecoin. In comparison, there are 12 million bitcoins on the market, valued at about $700 per coin.
So if one Dogecoin is worth less than the lint between your toes, why is /b/ going crazy over it? There’s two answers: It’s all for fun and wishful thinking.
4chan users were early adopters of the Doge meme— /b/ raided reddit with Shiba Inu pictures before Doge really became popular—and they’re fans of cryptocurrency in general. A /b/ user just paid for a Lamborghini entirely in Bitcoin.
But with basically no place to spend them, and the conversion rate being roughly 2.8 million dogecoins to 1 bitcoin, gifting dogecoins is just a way to spread good cheer and lulz. Or, as a few /b/ users have suggested, this is a way to establish the currency and market it.
And from the looks of it, Dogecoin Christmas couldn’t have come at a better time.
Third-party Bitcoin payment companies have allegedly been banned from doing business with the People’s Bank of China, according to a report Monday from Business Insider. This news broke around the same time a business owner on Reddit was told by Chase Bank that “any activity involving Bitcoin … is banned from our company.”
Dogecoin has a long way to go before it is taken seriously. It currently sits in 22nd place on a list of all cryptocurrency market capitalizations with $2.1 million.
If that happens to change, there could be a couple hundred /b/ users dropping dogecoins on Lamborghinis.
Illustration by Jason Reed