Dogecoin (DOGE) Once A Joke Now Has A 9 Figure Market Cap
Back in 2013 and 2014 when rivals like Litecoin and Bitcoin were among the only cryptocurrencies taken seriously by the community, Dogecoin (DOGE) emerged from an enthusiastic and disjointed dialogue of an internet meme, the Shiba Inu dog.
The meme went on to become the cryptocurrencies mascot as it was adopted by the founder who saw it as a less serious twist to the budding crypto world.
At the time, users would send each other Dogecoins, collectively terming themselves as the ‘Shibes’ while momentum gained around the cryptocurrency with the development of a solid community that saw the development of charitable initiatives to support the Dogecoin (DOGE).
In 2015 however, the founder of Dogecoin (Jackson Palmer) departed from the community in the wake of growing acrimony leaving the development of the coin on a decline for over 2 years.
However, this did not stop the coin from gaining popularity as the parody cryptocurrency currently boasts of a market capitalization of over $800 million with a price of $0.007 according to XBT.net.
Dogecoin’s rise an indicator of a bubble in the crypto space?
As quoted by a cryptocurrency news website, the founder of dogecoin mentions that “New features aren’t being implemented into dogecoin because there’s no active development anymore.”
Simply put the cryptocurrency has not had any major code updates since 2015. Palmer further mentioned that” Eventually, it will become outdated. And with that, the network will organically wind down.”
But even though Dogecoins founder remains optimistic about the growth of the Parody cryptocurrency, he maintains that most of the early adopters of Dogecoin (DOGE) have found “better things” in platforms such as Ethereum.
Furthermore, data from XBT.net reveals a sharp drop in the trading volume right after its popularity in 2014. Its trading volume has however seen a spike in 2017 with the dogecoin outdoing most of the emerging altcoins by far.
For Max Keller (a leading core developer of Dogecoin) the metric could be misleading and easy to explain as dogecoin is merge mined with Litecoin meaning the parody coin is dependent on Litecoin’s hashing power for the security of its network. But the big question remains whether a true revival of this parody coin can be achieved.
Reviving Dogecoin (DOGE)
Even though there might be fears that the recent spike in the price of Dogecoin could be an indicator of the speculative temperatures that currently exists in the crypto space, the parody altcoin still lives on and is unlikely to come to a stop anytime soon.
In fact, some members of the core development team have hinted plans to go back to developing the project with more plans for increasing engagement between the ‘shibes’ and the developers as mentioned in a tweet from Dogecoin
Since the last update of Dogecoin in 2015, Bitcoin has seen about three updates on its platform that have improved its interface as well as its general performance amidst concerns by the Wall Street over an imminent bubble in the Bitcoin and altcoin space.
For the core development team at dogecoin, the chance to embark on the development of Dogecoin (DOGE) will be timely as there is a growing community of crypto enthusiasts who are still excited to use the cryptocurrency as a learning and experimentation platform of how far a cryptocurrency can go.