It was launched in 2013, inspired by a short-lived online craze for pictures of a particular Japanese dog breed.
Last weekend, however, it nearly doubled in value and is now worth more than $2bn (£1.5bn).
In 2014, US stock car racing became a surprise beneficiary, when members of the Dogecoin community decided to give a helping hand to Nascar driver Josh Wise, donating $55,000 worth of the digital currency.
That same year, Dogecoin backers raised $25,000 to send the Jamaican bobsleigh team to the winter Olympics.
Sporting underdogs have clearly done well out of Dogecoin, but what about investors? Will they be barking up the wrong tree if they buy into the currency?
Well, one thing to bear in mind is that dogecoins are far more numerous than bitcoins.
The rules underpinning Bitcoin say that only 21 million bitcoins can be created - and that figure is getting ever nearer. It is unclear what will happen to the value of bitcoins when that limit is reached.
Dogecoins are "mined" in the same way as bitcoins - that is, they are created using computer processing power.
However, unlike Bitcoin, there is no upper limit on the number of dogecoins that can be produced, with a staggering 100 billion already in existence.
That helps to explain why each dogecoin is currently worth less than two US cents, while Bitcoin's peak value to date was nearly $20,000.
