Dogecoin is a cryptocurrency that was created in 2013 as a joke by Jackson Palmer, an Adobe Product Manager. However, in the past three months, as other cryptocurrencies have started to crumble, it’s roughly doubled in value.
The cryptocurrency, which its own creator still dismisses as ridiculous, inexplicably claims a US$740 million market cap and an average daily trading volume worth millions of dollars. Getting its name from the quizzical Shiba Inu dog that launched a thousand memes, it’s already surpassed former high-flyer Bitcoin to become one of the stronger digital tokens available.
Dogecoin started as a parody of the multitude of alternative cryptocurrencies flooding the market at the time. However, as interest in this cryptocurrency grew through social media and an active Reddit community, it also became an educational gateway for many people who were interested in entering the world of cryptocurrencies.
— Dogecoin Memes (@DogecoinMemes) August 25, 2018
The rise of Dogecoin
Currently, Dogecoin stands as the 17th-largest cryptocurrency based on market value, though Jackson continues to be largely unimpressed by this feat.
“Dogecoin may have started as a joke, but their community is now the envy of the crypto world,” says Kevin Rooke, cryptocurrency researcher.
The valuation for the cryptocurrency is basically the result of market mania by inexperienced investors buying up low-priced assets on a whim, hoping it’ll follow Bitcoin’s meteoric rise—and hopefully not it’s fall. And while the Dogecoin community on Reddit has seen a recent uptick in participation, most people seems fixated on the price and speculation as to when it will rally again.
— Dogecoin Memes (@DogecoinMemes) September 11, 2018
So, are you going to jump in on the cryptocurrency market? Or do you think the whole thing is one big Ponzi scheme?
Daniel is an Art Director and Graphic Designer with over a decade of experience in advertising and marketing in the Greater Toronto Area.