An alternative coin or alt coin in the cryptocurrency world known as Dogecoin has now surpassed $1 billion in market capitalization trading at a little over one cent currently. Despite having no update to its software in over two years, the coin manages to progress. The value of the currency has gone up over 400% amidst the hysteria surrounding the entire cryptocurrency world, following the giant, Bitcoin. Dogecoin was introduced to the market back in 2013, and is a mock of the Japanese Shiba Inu meme known as Doge.
The alt coin is peer-to-peer, which is descended from technology that Bitcoin uses on its platform. The founder of the cryptocurrency, Jackson Palmer stated recently that the surge in price for the currency speaks more about the market on crypto rather than just the coin itself. He stated that “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 two years has a $1 billion plus market cap.”
There are currently over 1,000 coins on the market, with bitcoin still managing to take up a surprising 40% of the space altogether. Other popular currencies such as Ethereum and Ripple have shot up as much as 35,000% this year alone. The managing director at digital assets trading house Octagon Strategy stated that the popularity of these coins is owed to the value perception behind bitcoin, and is not for ordinary buyers. The hopes are high that the crypto world can maintain these high gains and continue to offer investors decent investments.