What a canine-emblazoned cryptocurrency can teach about philanthropy
In March, NASCAR driver Josh Wise received an email from a member of the social-networking service Reddit about a crowdfunding campaign to sponsor his car for a May race at Talladega Superspeedway. At the time, Wise’s team was only eight strong—this on a circuit in which the biggest stars have hundreds of staff and millions of dollars’ worth of sponsors. Earlier that month, at the Food City 500, Wise had driven an unsponsored car. He needed at least $70,000 to get his crew to Talladega.
The fundraiser was collecting money not in U.S. dollars but in something called dogecoin. All the coins were being deposited into a digital “wallet,” and they all had a dog’s face on them.