Meme cryptocurrency Dogecoin nears $Two billion market capitalisation
Dogecoin, a ",meme", cryptocurrency created to lampoon Bitcoin&apos,s meteoric rise, now boasts a market capitalisation of almost $Two billion.
Trading under the pseudonym DOGE, Dogecoin is worth $USD0.017 (0.02 cents Australian) and is presently ranked 30 th ter alternative cryptocurrencies on Coinmarketcap.com.
Dogecoin&apos,s value may seem remarkably low, but considering there&apos,s 112 trillion Dogecoins te circulation that makes the altcoin&apos,s entire market capitalisation worth $1.967 billion.
Dogecoin is based off the ",Doge", meme which very first circulated on internet message boards te 2010.
Using an photo of a Japanese dog (specifically a Shiba Inu), the meme uses captions such spil ",much wow", to poke joy at internet trends others were getting excited overheen.
Witness: Bitcoin explained te 90 seconds
Capitalising on the mania of Bitcoin, product specialist at Adobe Jackson Palmer created ",Dogecoin", te 2013 spil a satirical take on cryptocurrency.
Providing a statement on Twitter, Palmer said he thought mainstream enthusiasm for cryptocurrency wasgoed ",superb", but staggering media coverage wasgoed distracting the global conversation around blockchain technology.
",I toevluchthaven&apos,t held a substantial amount of Dogecoin since early-2015 so the market cap doesn&apos,t mean a loterijlot to mij –, it does however act spil my barometer for crypto mania and speculation,", wrote Palmer.
",I have a loterijlot of faith ter the Dogecoin Core development team to keep the software stable and secure, but I think it says a lotsbestemming about the state of the cryptocurrency space te general that a currency with a dog on it which hasn&apos,t released a software update ter overheen Two years has a $1b+ market cap.",
Palmer also said he found conversations around cryptocurrency that focused on investment comebacks to be ",worrying",.
",I think it&apos,s relatively safe to label the current market spil a ",bubble",, albeit it&apos,s hard to predict how much it&apos,ll inflate and for how long before it unpreventable bursts,", writes Palmer.
",My one hope is that when that does toebijten and people lose large sums of money, the negativity ter the market doesn&apos,t stifle technological innovation or rente ter digital currency from the mainstream.",
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