Going back to December 6, 2013, dogecoin was launched essentially as a memecoin meant to make mockery of the crypto currency space. Doge was basically a clone of Bitcoin’s codebase with some tweaking (of a few of Bitcoin’s key design features). The crypto has a shaky start, with co-creator Jackson Palmer stepping away from the currency and the development took a backseat as well.
However, this hasn’t stopped Dogecoin from growing in popularity(That may have actually helped it, because nothing goes viral like a meme can) and the community never gave up on dogecoin.
Though Dogecoin is still a meme – it is now worth more than $10 billion after a gravity-defying year-to-date rally of 1,500%.
"Even the founder of dogecoin, Billy Markus, can't make sense of the surge in the coin he started as a joke. Markus told The Wall Street Journal, "The idea of dogecoin being worth 8 cents is the same as GameStop being worth $325, it doesn't make sense."
The difference is dogecoin is not a dying crypto; it has blossomed, becoming a Top 7 crypto, going by market cap ($10 Billion).
To put things into perspective, dogecoin's valuation is bigger than the following 10 companies:
Wendy's | Ticker: WEN | Market Cap: $4.6 billion
Shake Shack | Ticker: SHAK | Market Cap: $5.0 billion
Harley Davidson | Ticker: HOG | Market Cap: $5.2 billion
JetBlue | Ticker: JBLU | Market Cap: $5.2 billion
Planet Fitness | Ticker: PLNT | Market Cap: $6.5 billion
Texas Roadhouse | Ticker: TXRH | Market Cap: $6.0 billion
Grubhub | Ticker: GRUB | Market Cap: $6.6 billion
Blackberry | Ticker: BB | Market Cap: $7.1 billion
Under Armour | Ticker: UAA | Market Cap: $8.6 billion
Dropbox | Ticker: DBX | Market Cap: $9.8 billion
Development Team: I'm Back!!!
As dogecoin price and market-cap rises from the depths, so follows Dogecoin’s historically scattered development.
"Take Dogecoin lead maintainer, Ross Nicoll, for example. His last commitment to the open source project on Github came in October of 2019, but in the past two weeks he’s taken on a handful of new pull requests to make changes to the coin."
“People say it’s a joke coin but we’re very careful to take care of the code. When it took off, there was a resurgence in attention and we want to keep the currency operational,” Ross Nicoll told CoinDesk.
DOGECOIN may be a memecoin in theory, but it's technology is no joke. Doge has faster bocks than Bitcoin (1 minute vs. 10 minutes), so transactions are faster and cheaper than Bitcoin and the coin is considered as one of, if not the smartest crypto currency. "Dogecoin also includes a community-donated developer fund, which currently holds just over $1,700,000 worth of DOGE. Nicoll said that the developers share access to the fund via a multi-signature wallet."
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