Dogecoin Woofs at Moon with a Billion Dollars

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Anything goes within the cryptoland, a lot in order that an altcoin created as a parody has just reached a billion dollar market capacity. Dogecoin was created in 2013, its mascot is a Japanese Shiba Inu dog made popular by an web meme dating back eight years.

The dog it seems has broken off its leash after being largely left behind last year as other altcoins too center stage. Defying its creator’s belief, DOGE has risen 900% prior to now six weeks from $0.001 to its current high of $0.01. What is more astounding is that it has surpassed the billion dollar market capacity which puts it just behind Russian crypto platform Waves out there cap charts. Over $120 million has been traded in DOGE up to now 24 hours in response to Coinmarketcap.

Jackson Palmer, the founding father of the cryptocurrency who left the team in 2015, is worried;

“The truth that most conversations happening within the media and between peers give attention to the investment potential is worrying, because it draws attention away from the underlying technology and goals this movement was based on. I've a variety of faith within the Dogecoin Core development team to keep the software stable and secure, but I feel it says quite a bit concerning the state of the cryptocurrency space normally that a currency with a dog on it which hasn’t released a software update in over 2 years has a $1B+ market cap.”

Current Dogecoin developer Patrick Lodder was equally surprised and told Coindesk;

“To me, this proves that we don’t need shiny features or a ton of innovation and even with a conservative – and in my very own case completely distracted – development team for a boom,”

The sentiment was shared by another developer on the team, Max Keller;

“It’s slightly scary once you work on software that powers a billion dollar network. That is quite the responsibility. And in addition one of many main explanation why we are so reluctant to only slap any ‘innovative’ tech into the reference client. Still, I'm pleased with what we achieved and thankful to be a part of such an amazing community.”

Dogecoin does not likely have a grand purpose apart from being a easy web currency. Its appeal could just be its low cost. There's a psychological barrier to beat when a single digital coin such as Bitcoin is worth $15,000, new traders would be more comfortable owning several thousand smaller altcoins than a fraction of a Bitcoin. Digital assets trading house Octagon Strategy managing director Dave Chapman told CNBC;

“The 2 most well-known cryptocurrencies (i.e. bitcoin and ethereum) are considered too expensive for many new entrants. Despite with the ability to purchase a fraction of every, there's a real psychological barrier around owning something in its entirety,”

DOGE is currently traded probably the most on Bittrex and Poloniex which have 23% and 20% of the quantity respectively.

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