Regardless of intention, I see it as a kind of performance art project: it underlines the absurdity of the massproduction of innovationless altcoins. It speaks to how a successful cryptocurrency requires something more than just tweaking a few parameters and recompiling; it requires a skilled developer able to maintain the system and handle crises, it requires a network effect, it requires a meaningful purpose.

Yes, a "meaningful purpose" is clearly necessary:

https://en.wikipedia.org/wiki/Dogecoin

Amusement is a purpose unfulfilled by most altcoins

dogecoin is amusing

Very amusing, such cryptocurrency, much means of exchange!

It's the tip of the new crypto-currency craze: trading crypto-currencies themselves as a currency. We're moving onto a higher order now, folks!

Anyway, if that works you can still make the PedoCoin become Real http://coingen.io/status.html haha

It is. It's the end of a long-running joke on #bitcoin-dev.

But it does actually work and apparently people are willing to pay for it weirdly enough. BlueMatt, you should have set your prices higher.