Dogecoin records almost 25,000% six-month climb

Sunday 09 May 2021, 8:24 AM AEST - 1 month ago

Dogecoin (DOGE) now has an impressive market capitalization of $86 billion after recording an astonishing climb of almost 25,000% for the past six months. Cryptocurrency heavyweights Bitcoin (BTC) and Ethereum (ETH) only managed 286% and 698% climb, respectively.

Dogecoins price has reached almost 73 cents, and for the past 24 hours, it has soared 115%.

With this development, the joke cryptocurrency has once again caught the attention of many people.

According to CNBC, Quantum Economics Founder and Portfolio Manager Mati Greenspan said, The joke is on Wall Street this time. He compared it to a situation where teenagers on social media platform TikTok are outperforming even the smartest suits by thousands of percentage points.

Humble beginning of DOGE

Back in 2013, Dogecoin (DOGE) was launched by software engineers Billy Markus and Jackson Palmer as their way of making fun of Bitcoin (BTC) and other digital currencies that made bold claims of taking over the world.

It was named after a famous Shiba Inu meme and later had the purpose of becoming a faster but fun alternative to Bitcoin.

Alex Thorn and Karim Helmy, both researchers of Galaxy, have mentioned in their recent note to some of their clients that the appeal of Dogecoin has always been its honesty. They further explained that, unlike other cryptocurrency projects, it doesnt have any grand vision and no pronouncements on how it will change the world.

Supply and value

In terms of supply, as of now, there is no limit to the number of Dogecoin (DOGE) that can be created. Digital currency leader Bitcoin (BTC) has a supply cap of 21 million units.

But despite having infinite supply, there is still debate on whether or not the meme crypto holds value.

As of this time, there are only a few cases uses for Dogecoin. Although there are more merchants accepting it as a payment method, it is nowhere close to the acceptance level observed in Bitcoin (BTC) or Ethereum (ETH).

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