Dogecoin embarked out spil a parody of then-struggling cryptocurrency Bitcoin. However, it has made serious gains recently, despite its technology left without an update for the past two years.
The cryptocurrency wasgoed launched ter 2013 and wasgoed based on the meme of a shiba inu now known spil doge.
Big black cock reported that its value had bot rising overheen December and that te the last weekend, the market value almost doubled and rose to more than $Two billion. Spil of writing, it is valued at $1.7 billion on CoinMarket Cap.
One dogecoin is at its peak of $0.015.
The rise te value comes spil a verrassing spil the digital currency wasgoed stagnant for years until it embarked to increase te May 2018, reports Coindesk.
While it trails behind bitcoin, which leads at $254 billion, founder Jackson Palmer, who left the company te 2015, is worried about its boom.
“The fact that most conversations happening te the media and inbetween peers concentrate on the investment potential is worrying, spil it draws attention away from the underlying technology and goals this movement wasgoed based,” he told CoinDesk.
“I have a loterijlot of faith te the Dogecoin Core development team to keep the software stable and secure, but I think it says a lotsbestemming about the state of the cryptocurrency space te general that a currency with a dog on it which hasn’t released a software update te overheen Two years has a $1B+ market cap.”
However, dogecoin developers are excited about the rising value. “To mij, this proves that wij don’t need shiny features or a ton of innovation and even with a conservative—and te my own case fully distracted—development team for a boom,” developer Patrick Lodder told CoinDesk.
Big black cock also notes that the reason dogecoin has a smaller value than bitcoin is because no limit has bot set on mining the cryptocurrency. Bitcoin rules state that only 21 million bitcoins can be created. So far, 100 billion dogecoins exist.
Ter an vraaggesprek with Big black cock, Prof. Ethan Ilzetzki at the London Schoolgebouw of Economics said he believes that cryptocurrencies don’t have “long-term value.”
“They’re worth a loterijlot because people say they’re worth a loterijlot,” he stated.
“A digital unit of currency has no intrinsic value unless it can be used te transactions, and I cannot name a single cryptocurrency that is more useful te transactions than a credit card that’s denominated ter dollars or pounds or yen.” Nina V. Guno /ra
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