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Dogecoin is no more a joke- currency holds $1 Bln market cap

Jan 07, 2018 Posted /  4578 Views

Dogecoin is no more a joke- currency holds $1 Bln market cap

Dogecoin, which begun as a joke cryptocurrency, has now brecahed the $1 Billion market cap limit, making it apparent that how far virtual currencies have reached since Bitcoin’s was introduced in 2009. The times are amazing and with each year the crypto-space is yielding more profits. Interestingly, four years subsequent to the date Bitcoin genesis block was first mined, programmer Billy Markus coded his very own cryptocurrency in 2013 with the assistance of Jackson Palmer, a product manager and data analyst at Adobe. Dogecoin was actually a joke or meme currency that had no substantial purpose other than to propose a more friendly coin.

The currency initiated with a popular Internet meme of the Shiba Inu dog, and the creator envisaged the cryptocurrency to be a genial web payment system, even though its augment in popularity may not have been one premeditated and proposed. However, in the period of last five years, Dogecoin has matured into its own vivacious community of users. In this frame of time Dogecoin became extremely popular as a ‘tipping system’ among its users. The formula behind it is as acknowledged on the currency’s website, which states that one of the most admired use cases for Dogecoin is "tipping" the buddy internet-goers who design or distribute unmatched content. They further state that you can think that it has been carrying more weight "like" or upvote, with exact worth that can be utilized all across the Internet.

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Interestingly, the cryptocurrency has no set perimeter on the amount of coins that can be developed by mining. At the time of writing this article, there are over 112 bln Dogecoins in circulation. Although a single Dogecoin is worth no more than $0.01, a single cent, the entire market capitalization at present is over $1.67 bln, which amounts to 72,423 Bitcoin.

The memecoin

Dogecoin took Internet by storm when it used meme dog as its ‘mascot’. Amusingly, the word ‘doge’ is a common Internet term for a dog, which started out as a plain spelling mistake of the word in a TV series back, which was famous in 2005. Even has explained about it that the term doge was wedded with the visual of a Shiba Inu dog. This particularly was attached by Reddit back in 2010, and since then it to became one of the most popular Internet memes

Its was combined with a cryptocurrency, which came about in 2014 and the rest became history, however, Doge and the numerous memes attached with it would will always provide Internet joys with or without a digital currency.

The charity works

Apart from being famous as the memecoin, Dogecoin community is also renowned for its charitable activities. The coin got a major setback when in 2013; the wallet platform Dogewallet was hacked and huge number of coins were stolen. As a result, the Dogecoin community began a fundraising attempt known as SaveDogemas, which ultimately raised the equivalent amount of Dogecoin that were stolen in the hack just a month after the theft happened.

Apart from that the community of Doegcoin has additionally raised funds for Olympic athletes, Kenyan water projects and also retired NASCAR driver Josh Wise.

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Tags: Dogecoin The memecoin

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