Based on the well-known "doge" Internet meme, Dogecoin (DOGE) has a Shiba Inu as its logo. In December 2013, Billy Markus from Portland, Oregon, and Jackson Palmer from Sydney, Australia, forked Litecoin to create the open-source digital currency. Given that Dogecoin was based on a dog meme, its developers thought it would appeal to people outside of the core Bitcoin audience and be amusing and lighthearted. Elon Musk, the CEO of Tesla, frequently stated on social media that Dogecoin is his preferred cryptocurrency.