Dogecoin rises past US$2 billion market cap

Jack Baker 8 January 2018 NEWS

Dogecoin_Shutterstock738

This "joke" cryptocurrency has gone up in value by 95.8% so far this year.

Dogecoin, the cryptocurrency that started out as a "joke currency", briefly rose past a market cap of US$2 billion over the weekend to a value of US$2.11 billion (AUD$2.63 billion), before falling back down to US$1.92 billion.

A month ago, Dogecoin had a market cap of US$291.85 million and climbed past the US$1 billion dollar mark on Christmas Day. The coin started the new year with a market cap of US$982.95 million and is sitting at US$1.92 billion at the time of writing, representing a 95.8% increase in market cap this year alone.

"I have a lot of faith in the Dogecoin core development team to keep the software stable and secure, but I think 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 an update in over 2 years has a $1B+ market cap," Dogecoin founder Jackson Palmer told CoinDesk.

Max Keller, a Dogecoin developer, told CoinDesk that "It's a little scary when you work on software that powers a billion dollar network. This is quite the responsibility. And also one of the main reasons why we are so reluctant to just slap any 'innovative' tech into the reference client. Still, I am proud of what we achieved and thankful to be a part of such a great community".

Today's Dogecoin price

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Updated: 22 Aug 2018 05:14:52 UTC

When Dogecoin first rolled out late in 2013, one Dogecoin cost US$0.000559 (AUD$0.00071). Dogecoin is now worth US$0.0167 (AUD$0.021) per coin.

The coin had seen low price growth between May of 2014 until March of 2017 but the currency saw a massive change in pricing from then on.

At the time of writing, Dogecoin had the 30th-highest cryptocurrency market cap, behind BitShares by US$190 million. Other cryptocurrencies are also on a tear, with Ethereum recently hitting an all-time high.

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