The Meme Coin, Dogecoin, Has Received a Spike in Its Price

The founders of the meme currency stated playfully on their website:

“Dogecoin is an open source peer-to-peer digital currency, favored by Shiba Inus worldwide.”

Well, it looks like more there might be more Shiba Inu owners or at least, those that are huge fans of Shiba Inus who have gobbled up the cryptocurrency, Dogecoin, because the priced spiked over the past couple of days.

This spike has let Dogecoin grow, and it has now surpassed a 2 billion dollar market cap. The currency that started out as a joke has risen to new heights, allowing those who invested in the currency, to laugh all the way to the bank.

Paul Kedrosky, a general partner of SK Ventures, commented on the matter by recalling a comment from the Dogecoin founder:

It says a lot about the state of the cryptocurrency space in general that a currency with a dog on it which hasn’t released a software update in over 2 years has a $1B+ market cap.”

What a time to be alive.

Dogecoin and its history

Dogecoin was introduced in the last month of 2013, but it was able to gain quick adoption, grew a community and surpassed a $50 million market cap by the January 2014. Three years later, in December 2017, the coin had a market capitalization of $1 billion.

So, what is Dogecoin?

According to their website, Dogecoin is a decentralized, peer-to-peer digital currency that enables you to send money online quickly. Think of it as the “internet currency.”

What’s up with the dog?

Their dog, “Doge,” is present to create a fun and friendly face for their brand of cryptocurrency. They wanted to have a friendly mascot to represent them to the world. The Shiba Inu is a Japanese breed of dog that became popular through a meme, and so it received the honor of being the face of the virtual currency.

Who founded the cryptocurrency?

A self-described product and data geek at Adobe by day, Jackson Palmer is the creator of Dogecoin Jackson founded the cryptocurrency with Billy Markus.

What’s the differentiation?

Dogecoin is set apart by its community, which, as noted above, grew rapidly since the release of the coin.

Their website states that: the community is vibrant and made up of “friendly folks just like you.”

What’s the coin used for?

Their community is undoubtedly vibrant, as the coin is used as part of an evolving internet tipping system. Users on social media provide dogecoin tips to people who they think has shared exciting content.

The Hype

Many are wondering what sort of time are we living in when an internet meme currency like Doge can be valued in that manner over the course of a mere four years.

The founder of the cryptocurrency, dogecoin, stated:

“While it’s great to see mainstream enthusiasm for cryptocurrency, I think the high valuations and inflated market caps serve more to distract from the real goal of these projects more than anything.”

He continued on the aspect of conversations being based more on pricing than the merit of the projects and what they can accomplish, as very worrying.

“The fact that most conversations happening in the media and between peers focus on the investment potential is worrying, as it draws away from the underlying technology and goals this movement was based [on].”

This echoing statements made Vitalik Buterin, founder of ethereum, earlier, when he commented that the crypto community needs to grow up and meet their valuations.

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