Dogecoin, a cryptocurrency that was created as a parody to Bitcoin now has a market value of more than $2 billion. Named after an internet meme, the coin has seen a massive surge in the turbulent world of cryptocurrencies after crossing the $1 billion mark on Christmas day.
According to CoinMarketCap, the digital currency is currently trading at a whopping $0.018773 putting its market capitalization at $2.12 billion. However, it was last month that the coin saw its biggest increase in price rising more than 400 percent and briefly topped $0.0107 in late December.
While cryptocurrencies are seen as unconventional investments, Dogecoin takes this moniker to a whole new level. While most investors look to credible and esteemed publications such as the Wall Street Journal for information, the majority of details surrounding the meme-coin comes from a website dedicated to, well, memes.
According to Know Your Meme, Dogecoin is an alternative cryptocurrency (altcoin) that uses the iconic Shibu Inu dog from the Doge meme as a mascot. Like other cryptocurrencies, it can be mined and exchanged for goods and services among the participants, though it is programmed to level out at a higher threshold of up to 100 billion coins and prevent any use of special bitcoin-mining equipment like ASICs.
Prior to its billion-dollar breakthrough, the “joke” coin was known only to internet-savvy investors. However, the cryptocurrency’s backers have…
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