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A Cryptocurrency Based On a Dog Meme Is Now Worth Over $1 Billion (vice.com)
Earlier today, the market capitlization of dogecoin, a cryptocurrency based on a meme about a Shiba Inu dog, passed the $1 billion mark for the first time. VICE News reports: Dogecoin was created back in the early days of the cryptocurrency craze. Launched in December 2013 as somewhat of a joke, the meme-inspired coin was dubbed "the internet currency" and designed to promote a sense of community and generosity rather than simply looking to make money. It gained fame during 2014 when it was used to send the Jamaican bobsled team to the Winter Olympics in Sochi and it even sponsored a Nascar team. The currency has been in relative stasis since, and despite no software updates being released in over two years, the cryptocurrency has risen more than 400 percent in the last month -- though one dogecoin is still worth just over 1 cent.
Even Jackson Palmer, one of the founders of the coin, expressed concern about the hyperinflation of dogecoin. "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 a software update in over 2 years has a $1 billion+ market cap," Jackson told Coindesk.