Dogecoin, the Cryptocurrency Based on a Meme is Now Worth $1 Billion
2017 sawcryptocurrenciesreach all time new heights of valuation, with Bitcoin gaining so much popularity, it’s nowbeing tradedin the market. We’re in 2018 now, and it looks like cryptocurrencies aren’t about to go anywhere anytime soon. It also looks like people will just about invest in anything that has the word ‘cryptocurrency’ or ‘blockchain’ appended to it.
Case in point: Dogecoin. The cryptocurrency, based on the popular meme of a Shiba Inu dog has now reached a market valuation of $1 billion.
If that surprises you, it’s nothing compared to how much that surprised the man behind the cryptocurrency. Jackson Palmer, in a statement to Coindesk, said,“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.”
Dogecoin has grown like crazy, and has increased 400% in value in the last month. However, the price of a single dogecoin is still just 1 cent.
If 400% sounds too much, it’s nothing compared toRipple— the cryptocurrency that experts warn has no intrinsic value —grew 30,000 percentin the last year, and now has a market cap of over $125 billion.
That valuation dwarves the $1 billion value of Dogecoin, but it does go to prove that the words ‘cryptocurrency’ and ‘blockchain’ are being loved by investors these days; especially since Bitcoin.
Akshay Gangwar
Greetings, tech titans and fellow literary time-travelers! I’m Akshay, your tech-whisperer and Harry Potter’s number one stalker – seriously, don’t ask me how many times I’ve read those books; it’s borderline unhealthy.
Working in the tech journalism industry since 2016, I have 7 years of experience covering everything from technology news, to well-researched resource articles. Now the Content Strategist at Beebom, I often pen down op-eds for our website, sharing expert commentary on the latest in technology, AI, and electric cars.
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