We have seen a fair few interesting changes in the world of cryptocurrency. While most people focus on Bitcoin, Ethereum, or Litecoin, there is a lot more going on as well. Dogecoin, the joke currency of the new era, has quickly become a big contender as well. Although it was never a serious project, the current market cap tells a different story. With a market cap of close to $2bn, all those millions of Doges we threw away suddenly became a lot more valuable.
Dogecoin is not a currency designed to be used like Bitcoin. Nor is it a store of value by any means. Or that is what everyone assumed for a few years now. Instead, we see the value of DOGE appreciate quite significantly. Some people feel this is only just, as it has been a reliable currency for some time now. Even without a proper lead developer, things are advancing pretty rapidly. This growth has been pretty spectacular, to say the very least.
Dogecoin Is No Longer a Joke
More specifically, every Dogecoin in circulation is worth $0.015 right now. When most people mined millions of these coins, the value was less than 1% of that. It is evident thousands of people literally threw money away over the past few years. At the same time, no one expected this meme currency to become anything like this. It is now the world’s thirty-second-largest cryptocurrency by market cap. A major feat, although the original developers aren’t too happy with this development.
All of this goes to show cryptocurrency is in a hype cycle right now. Everything that seems low-value is getting a decent financial injection these days. Dogecoin has built up a solid reputation over the years. It’s also very approachable by novice users, unlike most other cryptocurrencies. It will be interesting to see if this joke coin can keep rising in value. Assuming it does, a price of $0.05 wouldn’t be unrealistic either. That would certainly skew the market cap a bit.
One has to keep in mind there is 112.69 billion DOGE in circulation right now. There is no supply cap, which means coins will be continuously generated every single day. People who still have an old Dogecoin wallet may want to check its balance. It is possible there are a few thousand US Dollars waiting for you there. At the same time, no one will be a millionaire just yet. This joke currency has always been relatively remarkable in many different ways. It is such value, very wow, much moolah after all.
Header image courtesy of Shutterstock