Based on the reference text, provide a one sentence overview of Dogecoin

Dogecoin (/ˈdoʊ(d)ʒkɔɪn/ DOHJ-koyn or DOHZH-koyn,[2] Abbreviation: DOGE; sign: Ð) is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system as a "joke", making fun of the wild speculation in cryptocurrencies at the time.[3] It is considered both the first "meme coin", and, more specifically, the first "dog coin". Despite its satirical nature, some consider it a legitimate investment prospect. Dogecoin features the face of the Shiba Inu dog from the "doge" meme as its logo and namesake.[4][5][6] It was introduced on December 6, 2013, and quickly developed its own online community, reaching a market capitalization of over $85 billion[a] on May 5, 2021.[7] As of 2021, it is the sleeve sponsor[b] of Watford Football Club.[8]

Dogecoin.com promotes the currency as the "fun and friendly Internet currency", referencing its origins as a "joke".[9] Software engineers Billy Markus and Jackson Palmer launched the satirical cryptocurrency as a way to make fun of Bitcoin and the many other cryptocurrencies boasting grand plans to take over the world. With the help of Reddit, the site became an instant hit. Within two weeks, Dogecoin had established a dedicated blog and forum, and its market value has reached US$8 million, once jumping to become the seventh largest electronic currency in the world.[10] Dogecoin is based on Scrypt algorithm, and the transaction process is more convenient than Bitcoin.[citation needed] Dogecoin takes only 1 minute to confirm, while BTC takes 10 minutes.[11]

Dogecoin is a cryptocurrency that features the face of a dog the was created as a joke to make fun of Bitcoin and other cryptocurrencies.