Fans of the rap duo Insane Clown Posse – aka juggalos – can add another cult-like initiative to their list, with reports of the release of a new, bitcoin-like cryptocurrency. According to juggalocoin.org, the currency is designed for the group’s substantial Juggalo community, and is available to purchase now.

“The most important thing to understand about Juggalo culture," the official website states, as reported by the Vice website Noisey, "is that it is all about Family and helping each other out. By spending juggalo coins, Juggalos can be certain that their money is going to someone who is “down with the clown".

The creator of JuggaloCoin, reportedly named Papa Nutt, also hopes that the currency will support the fan community's charity work, improve their controversial reputation and help make 17 February International Juggalo Day.

JuggaloCoin marks the latest in an explosion of new digital currencies, including the unofficial Kanye-inspired Coinye West, and DogeCoin, based on the Doge meme. The community is prolific, with projects including an annual Gathering of the Juggalos festival (now entering its 15th year), the social networking site JuggaloBook and the Juggalo championship wrestling league.

According to the official website, a Twitter-based system will distribute 470,890 JuggaloCoins directly to the buyers. The JuggaloCoin website warns: “These are coins that rightfully belong to the Juggalo Family. If someone is pretending to be a Juggalo just to get coins, that’s basically stealing from the Family. PUBLICLY. Trust me, that’s not something you want to do.”

But you don’t have to be a Juggalo to get involved. For a limited time, non-Juggalos can join the Insane Coin Posse initiative: 217 investment "slots" are available on a first-come, first-served basis.

There has been specuation about the authenticity of the new digital currency, with some outlets speculation that Papa Nutt is playing a joke on fans. As Slate and the Daily Dot report, his address is listed as 1 Clown Lane.