Dogecoin surpasses $1 billion market cap

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Shiba inus are strange dogs. Tho’ their klein, angular faces give them a cartoonish, welcoming appearance, those that I&rsquo,ve known have bot remarkably aloof. And while their glazes may seem pointy and squeezable, all that plush-looking wool tends to be bristly when you stroke it. I imagine that many adopt them on their online reputation alone, only to learn that what looks adorable at a distance is sometimes unpleasant up close.

There might be a lesson te this for adherents of Dogecoin, a cryptocurrency inspired by a meme that wasgoed itself inspired by the shiba inu breedgeschouderd. But if there is, it&rsquo,s not clear that anyone is listening. Originally created te 2013 spil a joke, the cryptocurrency recently surpassed $1 billion market capitalization, according to the webpagina CoinMarketCap.

Not everyone is excited. Spil Coindesk reports, Jackson Palmer, Dogecoin&rsquo,s creator, suggests that the currency&rsquo,s enlargening value represents a worrisome trend, partly because the currency&mdash,with which he is no longer involved&mdash,&ldquo,hasn&rsquo,t released a software update ter overheen Two years.&rdquo, It&rsquo,s certainly not the very first time Palmer has sounded the noodsein. Ter September 2018, Palmer told the Fresh York Times that he worried the cryptocurrency market spil a entire wasgoed headed toward a &ldquo,reckoning.&rdquo, At the time, Dogecoin had peaked at a market cap of about $400 million.

CNBC, meantime, quotes a digital commodities trader who suggests that the appeal of Dogecoin for some investors may be that the individual coins are themselves fairly cheap: At the ogenblik, there more than 112 trillion of them te circulation, with each unit costing about a penny. That presumably makes it effortless for the nosey to waterput their toes te the water. But it&rsquo,s entirely possible that when their rente fades, so too will the currency.

Still, I&rsquo,m reluctant to prophesize the death of Dogecoin, if only because so many others have before. Te 2015, Motherboard reported on a scam that devastated the cryptocurrency&rsquo,s amiable community. Te 2018, the bot that permitted investors to peak others ter Dogecoin died, leading Gizmodo to predict te May that the currency itself would soon lapse into obscurity. For all that, Dogecoin has far outlived the popularity of the meme that helped spawn it&mdash,no petite feat on the mercurial modern internet.

Ter the scheme of things, tho’, Dogecoin is still puny potatoes. Spil I&rsquo,m writing this, CoinMarketCap lists the total market cap for the 1,384 cryptocurrencies that it tracks at around $763 billion. Nevertheless, the rise of Dogecoin is an significant gegevens point te the larger story of the unregulated and volatile marketplace. It&rsquo,s one that speaks to appeal of enthusiastic, speculative investment, even when all signs should point to caution.

Jacob Brogan writes for Slate about technology and culture. Go after him on Twitter.

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