AltcoinsSpotlight

Dogecoin Quits Underdog-ing

Dogecoin surprises market with spectacular gains in the past 30 days, making it one of the few to stand tall against the crypto crumble being witnessed this year. In the last 30 days, Dogecoin saw a price surge of almost 160%, making it the unexpected ‘best performer’ in the crypto club.

Cryptocurrency Charts
Source: CoinMarketCap

You may not have heard of Dogecoin, the cryptocurrency, but you most certainly will be familiar with the Doge meme making rounds on social media consisting of a Shiba Inu dog accompanied by multicolored text.

Doge
Source: Google Images

As implausible as it sounds, a Doge themed cryptocurrency named Dogecoin was introduced in 2013 by Billy Markus and Jackson Palmer. Aimed as a fun currency for a friendly community, Dogecoin was a part of many web charities and funding causes using the magic of doge.

With the topping of positive market charts in the past month, it seems that people love doge more than we think.

Dogecoin chart
Source: CoinMarketCap

The price surge could be attributed to Robinhood’s inclusion of Dogecoin to the application of Yahoo and Poloniex opening USDT but that’s all speculation. There is no fundamental equation behind the rise and falls. It’s all investor psychology.

Surprisingly, the founder of Dogecoin, Jackson Palmer, owns none of the currency. Upon inquiry by BlockPublisher, Jackson said that he had donated the small amount (~5-6M DOGE) to charity and to projects running on reddit at that time.

I didn’t have a GPU setup to mine when we launched. My co-founder had a single GPU rig so mined about 10M and we split it down the middle.

Even though the Doge is making it’s way into peoples hearts and wallets, Jackson seemed a little cynic about it’s performance stating that Dogecoin doesn’t deliver anything materially different from Litecoin etc. which existed before it from a technology perspective. He also added that the developers now maintaining it are not full-time and the Dogecoin client hasn’t been updated in over 2 years so it’s not a project that is actively trying to innovate.

Although it looks like Doge maybe just a fad after all considering that the founder is no longer interested in innovation but the purpose behind it’s creation — a friendly community to help create a better world is so wow.

Godspeed, Doge.

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Sarim Mehmood

An electrical engineer to be. Sarim is a blockchain & crypto enthusiast and an early investor in ETH and Ethereum based projects. Email: sarim@blockpublisher.com or contact the editor at editor.opinions@blockpublisher.com

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