Dogecoin was created in 2013 in order to satirize the wild speculation that drives cryptocurrency valuations. It uses a proof-of-work consensus mechanism whereby transactions are validated and coins are minted by solving puzzles. Its meme-like reputation undermines its ability to serve as a store of value, since Dogecoin does not enjoy the first-mover's advantage or burgeoning social trust of Bitcoin. It relies on the Greater Fool theory, meaning people buy it to sell it to someone else for more in the future without considering fundamentals. In addition, Dogecoin cannot be programmed.