Dogecoin Nears Over 1.4 Billion Dollar Market Cap Despite No DOGE Updates

Dogecoin, which was created in 2013, took its name from a meme that was quite popular back then. It was a meme of dogs with captions, which supposed relayed an internal monologue of the animals.

After a long period during which it saw no rise in value, its value has grown more than fivefold is just one month. This has been in the same period during which interest in crypto coin has exploded.

Even The Dogecoin Inventor Is Worried

The sudden rise in its value has left even its developer worried. The inventor, Jackson Palmer, recently told Coindesk that he had faith in the team that developed Dogecoin. But he added that it “says a lot about the state of the cryptocurrency space in general that a currency with a dog on it which hasn't released a software update in over two years has a $1bn-plus market cap”.

He was also quite disappointed that most of the discussion around crypto coins in the media centered on how to invest in crypto coins and make money. However, little time was being spared to discuss the underlying technology on which the crypto-coin technology was based.

Dogecoin was based on a meme and was created in 2013. Initially, it started as a joke to poke fun at the growing hype around crypto coins back then. However, now it seems to have been caught up in the same hype.

Dogecoin creators were all supposed volunteers. One of the developers was even quoted saying that it was a bit scary to be working on software that powers a network worth over a billion dollars. However, he did add that despite being a major responsibility, he was proud of the achievements the community had made.

More About Dogecoin

On its official site, it is stated that “Dogecoin is an open source peer-to-peer digital currency, favored by Shiba Inus worldwide.” It further lists the creators as Palmer and Shibetoshi Nakamoto, which was a play on the alias of the person behind Bitcoin, called Satoshi Nakamoto.

The site even lists a simple guide on how to use the crypto coin. To use it, you simply need to choose the kind of wallet from the list of options listed. After that, you can download the wallet and install it on your device or computer. The entire site seems quite easy to use and is quite intuitive.

The Underlying Technology

The founder of dogecoin did raise some serious issues. While the cryptO coin hype will eventually die down and volatility will reduce, the blockchain technology will remain. This technology has many potential uses. It could be applied to the banking sector, hospital records, and even in voting systems. The technology could even be used in the utility sector.

It is quite clear that there is need to spend more time and resources spent not just on the crypto coins but also on the underlying technology. The faster this happens, the faster the world can change for the better.