The craze around cryptocurrencies mainly Bitcoin and Ethereum has inspired a massive number of startups to create their own digital coins and attract investors interest in the fast-growing digital asset class.
While there are plenty of cryptocurrencies in circulation with respect to their unique utility and value, in this story we explore the weirdest and silly coins that have surfaced over the past several years.
Dogecoin was created in 2013 by software engineers Billy Markus and Jackson Palmer as a faster but “fun” alternative to Bitcoin. It was started as a satire on the numerous fraud crypto coins that had sprung up at the time, and takes its name and logo from a Shiba Inu meme that was viral several years ago.
Unlike Bitcoins, whose maximum possible number is fixed at 21 million (a figure that is estimated to be reached by 2040), Dogecoin numbers do not have an upper limit, and there are already more than 100 billion in existence.
When the crypto coin first took off, the online community that was backing it invited attention by supporting unconventional causes, such as sponsoring Jamaica’s bobsled team at the 2014 Winter Olympics.
Also that year, the Dogecoin community gave $55,000 worth of the digital token to a Nascar driver in the US. “Doge” also has an ardent supporter in Tesla CEO Elon Musk, who frequently tweets have added to the digital token’s mania. Musk had once changed his Twitter bio to “Former CEO of Dogecoin.” Other celebrities, including rapper Snoop Dogg and rock musician Gene Simmons, have also promoted it on social media.
Potcoin, as the name suggests refers to a network that facilitates buying legal marijuana. It is a digital currency that allows consumers to buy and sell cannabis products anonymously.
The digital coin provides a banking solution that brings marijuana businesses and consumers together on a decentralized peer-to-peer platform, allowing participants all around the world to make secure transactions.
Interestingly, on June 12, 2017 the Potcoin community sponsored Dennis Rodman, an American former professional basketball player and an unofficial US Peace Ambassador to North Korea— to visit North Korea and negotiate peace between the United States and Kim Jong-un. While it is unclear if this endeavor effectively promoted the pacifist values of the community, but it proved to be highly profitable for the notoriety of the coin and the project as a whole. Ᵽotcoin’s community grew 600 per cent overnight.
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