DogeCoin recently hit the $2 Billion market cap figure last week. This is a huge achievement for this coin, which was actually started off as - wait for it - a joke! Back when DogeCoin (DOGE) was invented, it was basically a parody of the hundreds of other cryptocurrencies which were already into existence. Today, this cryptocurrency which was started off as a parody, has achieved the unthinkable.
A $2 Billion market cap is no joke - but DogeCoin continues to beat conventional logic. According to Jackson Palmer, the creator of the currency, the people who invested in DogeCoin were usually first-timers trying out how things work in the world of altcoins. While the growth in the initial years was slow, the creator himself backed out of the project.
In 2015 Jackson Palmer handed over the development of the DogeCoin cryptocurrency to the community of users. He claimed that he had donated away all his holdings, as well as tips and gifts that he would get in DOGE to charity organizations. He made zero profit from DogeCoin.
Palmer held views similar to what Vitalik Buterin, the co-founder of Ethereum holds today. Both believe that cryptocurrencies, which were all about technology - have now become the plaything of those who want to make quick money. Since giving up his active position at DogeCoin, Palmer has been observing the markets.
DogeCoin, which was just a joke of a currency - as declared by the creator himself, has hit $2 Billion. All of this without even having a single software update since 2015. Jackson Palmer believes that while the get-rich-quick crowd has devalued what Bitcoin should have been, there still is hope.
He calls cryptocurrency a bubble - but is not sure if this will ever burst. However, the bigger question is - if and when this bubble bursts, will we as a community ever be able to trust innovative technology again?