Dogecoin The Cryptocurrency Based On A Meme Is Now Worth 1 Billion

Case in point: Dogecoin. The cryptocurrency, based on the popular meme of a Shiba Inu dog has now reached a market valuation of $1 billion. If that surprises you, it’s nothing compared to how much that surprised the man behind the cryptocurrency. Jackson Palmer, in a statement to Coindesk, said, “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 $1B+ market cap.” Dogecoin has grown like crazy, and has increased 400% in value in the last month. However, the price of a single dogecoin is still just 1 cent. If 400% sounds too much, it’s nothing compared to Ripple — the cryptocurrency that experts warn has no intrinsic value — grew 30,000 percent in the last year, and now has a market cap of over $125 billion. That valuation dwarves the $1 billion value of Dogecoin, but it does go to prove that the words ‘cryptocurrency’ and ‘blockchain’ are being loved by investors these days; especially since Bitcoin.