2017 saw cryptocurrencies reach all time new heights of valuation, with Bitcoin gaining so much popularity, it’s now being traded in the market. We’re in 2018 now, and it looks like cryptocurrencies aren’t about to go anywhere anytime soon. It also looks like people will just about invest in anything that has the word ‘cryptocurrency’ or ‘blockchain’ appended to it.
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.