Barking loopy? Dogecoin Cryptocurrency Hits $ 2 Billion Milestone – RT Enterprise Information
A cryptocurrency inspired by a popular dog meme set up as a hoax is now worth nearly $ 2 billion.
Dogecoin hit the market cap milestone of $ 2 billion on Sunday before falling back to $ 1.85 billion at the time of writing on Monday.
The breakthrough marks another milestone for the digital currency, which hit $ 1 billion for the first time on Christmas Day.
The currency, one of around 1,400 cryptocurrencies, is named after the popular Internet meme featuring a Shiba Inu dog. It was founded in 2013, but its price stagnated for years before it started rising in May last year.
Despite its amazing surge, Dogecoin is still in the bargain basket for cryptocurrencies. It could be bought for $ 0.002 in early December, while it could be bought for $ 0.016 on Monday.
The currency’s founder, Jackson Palmer, expressed a high degree of skepticism about the rapid value of his creations.
READ MORE: A Dozen Countries Where Bitcoin Craze May Never Take Off
“I have great confidence in the Dogecoin Core development team to keep the software stable and secure, but I think it says a lot about the state of the cryptocurrency space in general that a currency with a dog on it has not been released. Update In Over Two Years has a market cap of over $ 1 billion, ”Palmer told Coindesk.
Palmer said on Twitter that he believes the current cryptocurrency market is a bubble, but added that “it’s hard to predict how much will inflate and how long it will inevitably burst”.
Another Dogecoin developer, Max Keller, also expressed reservations: “It’s a little scary when you’re working on software that powers a billion dollar network. That is the responsibility. “