It was only a matter of time before the 2013 meme of the year tried to turn his success into financial gain. Enter Dogecoin: a Bitcoin-like cryptocurrency that seems to have started as a joke and is beginning to actually accumulate some value. As with most things meme, there’s a community on Reddit called Dogemarket where users are trading Dogecoin for actual, real-world items — though as of today, a single Dogecoin is worth only $0.00023.
The price of Dogecoin, the world’s third most traded cyrptocurrency, is down 9% this afternoon.
And that’s a great thing.
Because the update from Dogecoin’s creators causing the temporary price drop will ultimately ensure its longevity going forward.
Dogecoin has consistently been in the top ten market capitalizations for cryptocurrencies, and since its initial highs in March last year, it’s been relatively stable in terms of both market capitalization and value.
Jackson Palmer gives Growth Everywhere all the details behind how digital currency works in an easy-to-understand way, and tells us how Dogecoin started as a Twitter joke but ballooned into a currency worth $30 million with an incredible community behind it.
For a predator, the trusting, carefree corner of the cryptocurrency market was simply irresistible.
Investors didn’t get the joke and bought Dogecoin anyway, bringing its market value as high as $400 million. Along the way, the currency became a magnet for greed and attracted a group of scammers and hackers who defrauded investors, hyped fake products, and left many of the currency’s original backers empty-handed.
Today, Mr. Palmer, 30, is one of the loudest voices warning that a similar fate might soon befall the entire cryptocurrency industry.