Tags: dogecoin | parody | cryptocurrency | value

Dogecoin $2 Billion Market Value Reached

Dogecoin $2 Billion Market Value Reached
(Goytex/Dreamstime.com)

By    |   Tuesday, 09 January 2018 10:14 AM

Dogecoin, a parody cryptocurrency, hit $2 billion in market value on Sunday, about two weeks after it first reached $1 billion on Christmas as its remarkable rise continued.

Dogecoin cracked the $2 billion market cap on Sunday, about two weeks after it first reached $1 billion on Christmas as its remarkable rise continued, according to CNBC.

The cryptocurrency was created as a parody after a popular internet meme, but Dogecoin and other bitcoin followers are on the rise because they are perceived as "cheap" alternatives, Dave Chapman, of Octagon Strategy, told CNBC.

The digital currency traded as high as $0.018773, putting its market capitalization at $2.12 billion, CNBC said, quoting the website CoinMarketCap. The network said according to information on its website, Dogecoin current market value as of 1 p.m. Monday was $1.98 billion, and traded at $0.017535 per token.

CNBC said it was about 69 percent increase compared to levels seen during Friday's Asian trading session.

Dogecoin was created in 2013 after its mascot, a Japanese shiba inu dog, was popularized by an internet meme in 2010, CNBC wrote. Dogecoin creators positioned the virtual token as "the internet currency" that can allow users to easily send money online, CNBC stated.

Jackson Palmer, the founder of Dogecoin who left the team in 2015, told CoinDesk.com last week that he was worried that the cryptocurrency's rise was more evidence of market excess.

"The fact that most conversations happening in the media and between peers focus on the investment potential is worrying, as it draws attention away from the underlying technology and goals this movement was based [on]," Palmer told CoinDesk.com.

Dogecoin developer Patrick Lodder said, though, that he believes the cryptocurrency's success opens the door for others, according to CoinDesk.com.

"To me, this proves that we don't need shiny features or a ton of innovation and even with a conservative – and in my own case completely distracted – development team for a boom," Lodder told CoinDesk.com.

Bitcoin is still far and away the king in among cryptocurrencies with a $246.7 billion market cap, according to CoinMarketCap.

Ethereum follows Bitcoin at with a $114.8 billion market cap. Ripple stands at $85.7 billion and Bitcoin Cash at $40.1 billion, according to CoinMarketCap.

© 2018 Newsmax. All rights reserved.

   
1Like our page
2Share
TheWire
Dogecoin, a parody cryptocurrency, hit $2 billion in market value on Sunday, about two weeks after it first reached $1 billion on Christmas as its remarkable rise continued.
dogecoin, parody, cryptocurrency, value
373
2018-14-09
Tuesday, 09 January 2018 10:14 AM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved