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When you use Know Your Meme as a research source for an article about cryptocurrency, you know something is a little different. Dogecoin, the cryptocurrency that started out as a satire/parody of Bitcoin is now surging and currently has a market cap of $1.8 billion.
Dogecoin is a cryptocurrency that features the likeness of the Shiba Inu dog from the “Doge” Internet meme as its logo. According to Know Your Meme, “On December 6th (2013), BitcoinTalk forum member Dogecoin introduced an alternative cryptocurrency based on the memeas a satire of the Bitcoin boom in a thread titled “Dogecoin – very currency – many coin – wow – v1.1 Released.” Similar to Bitcoin and its derivatives, Dogecoin can be mined and exchanged for goods and services among the participants, though it is programmed to level out at a higher threshold of up to 100 billion coins and prevent any use of special bitcoin-mining equipment like ASICs. In comparison, Bitcoin will cap out at 21 million coins and Litecoin will support up to 84 million coins in circulation.”
At the moment, Dogecoin is now worth $0.01. This may not sound like much but you should consider that for years now, Dogecoin was trading at $0.0001. The rise to $0.01 is actually a pretty big deal. A big enough deal to drive the market cap to $1.8 billion.
Dogecoin has also made a name for itself with some unsual sponsorship choices. In 2014, Dogecoin backers managed to raise $25,000 to send the Jamaican bobsleigh team to the Sochi Winter Olympics. In the same year, they also sponsored Nascar driver Josh Wise.
Jackson Palmer, the founder of Dogecoin has said on Twitter, “I haven’t held a substantial amount of dogecoin since early-2015 so the market cap doesn’t mean a lot to me – it does however act as a barometer for crypto mania and speculation. I have a lot of faith in the Dogecoin core development team to keep the software stable and 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 which hasn’t released a software update in over 2 years has a $1B+ market cap.”
What do you think?
What are your views on the rise of Dogecoin? Let us know in the comment box below.