The ‘altcoin’ has risen ter value by more than 400 vanaf cent te latest weeks thanks to the hysteria surrounding market leader Bitcoin
A PARODY cryptocurrency which adopted an internet meme spil its logo now has a market value of more than $1billion.
Dogecoin is presently valued at around $1.17billion –trading at $0.010360 vanaf token – despite not having a software update for more than two years, according to CoinMarketCap.
Dogecoin – which wasgoed introduced ter 2013 and has a meme of a Japanese Shiba Inu dog spil its logo – is an altcoin which are peer-to-peer digital tokens that descended from Bitcoin.
Jackson Palmer, the founder of the cryptocurrency, told Coin Desk the surge ter Dogecoin speaks volumes for the current state of the altcoin market.
Palmer, who left the project ter 2015, said: “I have a loterijlot of faith ter the Dogecoin Core development team to keep the software stable and secure…
“…but I think it says a lotsbestemming about the state of the cryptocurrency space te general that a currency with a dog on it which hasn’t released a software update te overheen two years has a $1B+ market cap.”
There are presently more than a thousand digital currencies on the market with Bitcoin taking up 40% of the market.
Other popular atlcoins include Ethereum and Ripple – with the latter having a massive 35,000 vanaf cent leap ter value ter 2018.
Dave Chapman, managing director at digital assets trading house Octagon Strategy, said the popularity of altcoins owes to a perception that Bitcoin’s value is now out of reach for ordinary buyers.
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Speaking with CNBC, he said: “The most significant contributing cause for altcoins to rise so parabolically is owing to the perception of ‘cheap’ coins.
",The two most well known cryptocurrencies are considered too expensive for most fresh entrants.
“Despite being able to purchase a fraction of each, there is a real psychological barrier around wielding something te its entirety.”
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