The price of Dogecoin is growing while the rest of crypto crumbles – Quartz


As crypts crumble, Dogecoin rises.

In recent months, Dogecoin, a cryptocurrency created in 2013 as a joke, has doubled its value. The digital token, which its creator himself continues to consider ridiculous, inexplicably claims a market capitalization of $ 740 million and an average daily volume of trade worth millions of dollars. In recent weeks the fund has fallen into the bitcoin, ether and other cryptographic assets markets; The ether has decreased by about 70% in the last three months compared to the dollar.

Dogecoin takes its name from the quizical dog Shiba Inu who launched a thousand memes. According to CoinMarketCap, it mainly trades against the US dollar Tether on two exchanges, (based in China) and (which appears to be based in the Cayman Islands). Although Dogecoin is the 17th largest cryptocurrency for market value, its creator Jackson Palmer, an Adobe product manager, is all but impressed.

Despite its joking origins, cryptographers have found technical ways to link Dogecoin to Ethereum, use the coin to experiment with the interoperability of cryptographic resources more widely. Palmer says however, that this "does not provide utility or cost efficiency" compared to other ways to exchange digital resources through blockchain. "I find it rather disappointing that good developers are spending time / energy to build and review these insanely complicated machines of Rube Goldberg when no one uses Dapps [decentralized applications] and the adoption of the cryptocurrency business continues to decline," he recently tweeted.

He might be right, but never underestimate the market for cute dogs, in the real world or on the blockchain.

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