Japanese Shiba Inu dog, the official mascot of the internet meme-centric cryptocurrency Dogecoin. Photo: Matt Cardy/Getty
The cryptocurrency craze has reached such epic proportions that dogecoin, a joke token named after a meme featuring a Shiba Inu dog, eyed its price surge and its global market cap of soar to more than $1.Two billion, according to CoinMarketCap. It now sells for around one penny vanaf token. A few dozen merchants and businesses now accept dogecoin spil payment, such spil the Diamond Dog collar pet apparel store. Despite the dismay of its creator, some people even see dogecoin spil a serious investment. Users can buy and sell this token through cryptocurrency exchanges such spil Bittrex, Poloniex and Openbreken.
CoinDesk reported dogecoin creator Jackson Palmer wasgoed disconcerted this week when the token spotted $101 million ter trading volume during just one day of the surge. Palmer abandoned the project te 2015, two years after creating this sarcastic token based on bitcoin’s core technical features.
“I have a lotsbestemming of faith te the Dogecoin Core development team to keep the software stable and secure,” he told CoinDesk. “I think it says a loterijlot about the state of the cryptocurrency space te general that a currency with a dog on it which hasn’t released a software update ter overheen Two years has a $1B+ market cap.”
The dogecoin subreddit has more than 97,100 subscribers, a community that is busy building a multitude of apps and trinkets for dogecoin paramours. This token ecosystem is best known for a sense of playful sarcasm, a stark tegenstelling to tokens with lofty business goals. Even one of the project’s leading developers, Max Keller, told International Business Times he doesn’t fairly know what the objective is for dogecoin’s future.
“I wish I knew,” Keller said. “Dogecoin has some features that make it more suitable for use spil an actual currency, like quick block times and low fees. If BTC [bitcoin] is your long-term storage, then DOGE could be your day to day currency.” The development team plans to release a fresh update ter 2018 to fix bugs and improve the network’s secure flow. “We are focusing more on stability than on rushing out more or less innovative features te a client that is powering a billion dollar currency,” Keller added.
Spil of tonight, Dogecoin has reached two million blocks on its chain! Which is also almost exactly Four years after the genesis block.
A much time ago ter a galaxy very, very away. #SuchDarkside
Due to popular request the next #Dogecoin release will include a price fix button. pic.twitter.com/YwFQq8mYc3
Dogecoin is technically very similar to litecoin, a cryptocurrency with the same theoretical use case of routine, daily transactions. However, litecoin is on the road to using the Lightning Network, which builds a 2nd layer so transactions can zip across the world at unprecedented speeds and volumes. The Lightning Network can even be used to interchange value across chains, such spil automatically converting bitcoin to litecoin for a purchase. Keller told IBT the dogecoin developer team is keeping an eye on SegWit, the update needed to work with such layered scaling solutions, without promising any actual plans for such updates ter the near future.
But don’t let the memes idiot you into dismissing dogecoin. Dogecoin users have done real fundraising for charitable causes such spil delivering hundreds of socks to homeless shelters through a partnership with a Los Angeles-based nonprofit called the Love My Neighbor Foundation. The nonprofit Dogecoin Foundation te Colorado wasgoed loyal to promoting charity within the dogecoin community, albeit Keller is uncertain if the organization is still operational. Many people may be turning to dogecoin for quick profits, regardless of warnings from cryptocurrency veterans. But the true believers love doge memes most of all. “Of course, the latest crypto craze attracts shady folks too, which is the precies opposite of superb,” Keller admitted. “Especially fresh users need to be careful. Overall an interesting year to come for the entire crypto space.”
Dogecoin’s price has skyrocketed from October 2018 to today. Just take a look at this chart from CoinMarketCap.
The rising price, value and marketshare of Dogecoin resumes to rise. Photo: Coinmarketcap