Dogecoin is a peer-to-peer electronic payment system based on the popular 2013 meme of the Shiba Inu dog. It was a fork of Luckycoin, which was itself a fork of Litecoin.
The coin uses a PoW script mining algorithm similar to Bitcoin; however, while Bitcoin has a limited number of coins, there is no limit to the number of Dogecoins which can be created.
The current rate of Dogecoin creation is over 5,000,000,000 coins a year. Dogecoin is one of the oldest altcoins in existence, and for that reason they have a relatively large community. The reddit page has about 90,000 shibes (the group name for their community members).
News Source: TheCoinRepublic