Cashing in on culture: Dogecoin and the age of ironic investing

Business Journals

11-06-2025

As internet culture has developed and grown increasingly layered over the past several years, the culture's relationship to memes at large has changed dramatically. In the earliest days of internet memes, they were little more than still images punctuated with retrofitted jokes that generated a new comical meaning when paired with the image.
Those days have long since passed, as memes are now often complex plays on inside jokes and niche humor. Memes can now take on a life far beyond a typical online image, with these inside jokes even manifesting in resulting actions in the real world. There is perhaps no more pressing example of this than Dogecoin.
What began as an inside joke amongst a niche online community, referencing a famous early internet meme to create a new form of crypto as a parody, has become a bona fide institution of the digitized currency market. Its price movements now reflect retail enthusiasm, meme-driven speculation, and its surprising staying power in a maturing crypto market. Today, Dogecoin is a cultural and market phenomenon. Its origins may have been a joke, but the cryptocurrency has since turned into real-world trading volume.
The origin and intent behind Dogecoin
DOGE started as satire, yet gained traction through relatability, accessibility, and viral engagement. Established long before the cryptocurrency boom in the early 2020s, Dogecoin was largely dismissed as a joke by both the general public and serious investors. Founded in 2013, it originated from an outdated online meme known as 'doge' in internet communities.
This meme featured a Shiba Inu named Kabosu, who was captured side-eyeing the camera in a humorous pose in 2010. The meme rose to fame around mid-2013. By the time Dogecoin was created in late 2013, the meme was already fading in relevance, which added to its humorous appeal for users. However, in 2021, the cryptocurrency industry experienced a boom, and social media interactions, along with celebrity endorsements, brought unexpected attention to Dogecoin.
Since then, Dogecoin has consistently been a profitable coin despite challenges. As recent as November 2024, this meme coin contributed to a massive $3 trillion increase in cryptocurrency value. Consequently, what began as merely a niche online joke has transformed into a well-recognized and respected form of digital currency.
What has made DOGE successful?
Tweets from public figures, social media trends, and retail buying frenzies continue to drive Dogecoin price swings, often detached from traditional fundamentals. While this positions DOGE as an outsider in the cryptocurrency sphere, it also makes the coin an excellent entry point for new investors. Its high liquidity and low per-unit cost create an ideal first investing experience for many individuals.
Additionally, the coin is still framed by a rich layer of internet humor, which attracts young investors out of curiosity. For many, the joke provides a digital entryway, and then the coin's accessibility encourages them to actually invest. Even if it's under the guise of irony, it's still investing, which enhances the coin's value.
Irony and memes in modern culture
Surprisingly, the concept of memes existed long before the internet gained popularity, dating back several decades. The term originates from the ancient Greek word mimema, meaning to imitate. However, it was Richard Dawkins, a biologist, who formally introduced the term in academia in 1972. Dawkins is best known for his influential book, 'The Selfish Gene.'
Since then, the meaning and usage of memes have evolved, yet the fundamental definition remains intact. In today's digital world, memes are primarily recognized as images, videos, or online phenomena featuring humor. When something is referred to as a meme, it often suggests that it is perceived not genuinely but through a lens of postmodern irony.
An incredibly popular example of irony-laden success, reminiscent of Dogecoin's journey in many ways, was the recent financial achievement of 'A Minecraft Movie.' Despite its infamously poor marketing, the film's box office success was propelled by a younger audience's familiarity with the source material and the viral nature of the trailers. Many viewers attended the film ironically, performatively reacting for social media, yet the movie succeeded immensely.
Why Dogecoin's legacy might outlast the joke
While Dogecoin may have started as little more than an inside joke, it has since become an integral part of the crypto market. The fact that the coin isn't regarded as seriously as other tokens such as bitcoin or Solana has contributed to its success, with DOGE serving as a gateway crypto investment for many. Its popularity demonstrates the power of digital community, showing that collective humor and cultural momentum can have real financial outcomes.