A Parody Cryptocurrency ‘Dogecoin’ Hits $2 Billion Market Cap

One more cryptocurrency which has recently entered the billion-dollar club is Dogecoin. Dogecoin is a cryptocurrency inspired by a meme on the Siba Inu dog breed. It has now been five years since the Dogecoin came into existence back in 2013 which was created by programmer Billy Markus along with the help of Jackson Palmer who is a product manager and data analyst at Adobe.

Earlier this week, the cryptocurrency rallied to its all-time high to touch $1 billion market cap and it seems that since then there is a huge investors interest growing up for the cryptocurrency which has pumped up its valuations by another billion dollars making it over $2 billion in total, as per our data.

The cryptocurrency was created with the intent of having a friendly payment, however, no one expected or predicted its rise to these levels. Creator Jackson Palmer, who left the team back in 2015, sees this trend a bit worrying because the team behind Dogecoin has not updated its software since past two years.

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

He further stated, “I have a lot of faith 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 which hasn't released a software update in over 2 years has a $1B+ market cap.”

Dogecoin’s website states that the cryptocurrency is famous as a “tipping system” amongst its users. The website states “One of the most popular uses for Dogecoin is "tipping" fellow internet-goers who create or share great content. Think of it as a more meaningful "like" or upvote, with real value that can be used all across the internet.”

The existing developer’s team is too a bit of surprised by the recent rise of Dogecoin but prefers to stay optimistic about its future. Developer Patrick Lodder said: "To me, this proves that we don't need shiny features or a ton of innovation and even with a conservative – and in my own case completely distracted – development team for a boom.”

With Bitcoin currently facing issues relating to scalability, there has been a sudden surge in the rise of alt coins currently, especially after mid-December 2017. The overall rise in the valuations of altcoins has pulled the overall cryptocurrency market cap to steep highs which is currently above a staggering $800 billion.