One cryptocurrency was created to mimic an internet meme entitled Dogecoin. Its market value has now reached more than $2 billion.
Dogecoin has broken the $2 billion hurdle just two weeks after reaching the $1 billion mark on Christmas Day. According to CoinMarketCap, the digital currency, originally traded at $0.018773, has now achieved a market capitalization of $2.12 billion.
Dogecoin price at surge
According to data from the cryptocurrency website, as of 13:00 on January 8th, HK/SIN, Dogecoin’s current market value has now reached approximately $1.98 billion. It was traded for about $0.017535 per token, which is about 69% higher than the Asian trading levels that happened on Friday.
The virtual coin rose more than 400% last month and briefly crossed $0.0107 at the end of December.
The industry site CoinDesk released data on Monday that showed 43 cryptocurrencies with a market cap of over $1 billion. The largest of these was Bitcoin, trading at $15,768.34 at 13:15 HK/SIN. This brings the company’s market capitalization to approximately $264 billion.
One altcoin prototype is Dogecoin. It is a peer-to-peer digital token derived from Bitcoin. The ones on top are Ethereum. ETH broke the $1,000 mark for the first time on Thursday. Moreover, Ripple, surged 35,000% last year.
In 2013, some pieces of Dogecoin were developed, together with its mascot, the Japanese Shiba Inu dog. This charm has been famous for internet memes since 2010. The developers of Dogecoin have positioned the virtual token as an internet currency that makes online currency exchange effortless for users.
There are multiple ways to acquire Dogecoins. The user can also buy Dogecoin on online exchanges. With this movement, they tip in cryptocurrency, which allows them to mine it.
Dogecoin founder Jackson Palmer, told cryptocurrency news site CoinDesk that the token’s value has risen sharply even after the project failed to release a software update in over two years. Due to the rapid growth of cryptocurrencies in recent months, project creators have expressed concerns about a market surplus. However Jackson Palmer, left the team in 2015.
According to CoinMarketCap, the total value of cryptocurrencies exceeds $750 billion, with bitcoin controlling about 34% of the market.
Altcoins percieved as ‘Cheap Coins’
And Dave Chapman, managing director of Octagon Strategy, a Hong Kong-based commodities and digital asset trading firm, told CNBC that the biggest reason altcoins have risen figuratively has something to do with perceptions of “cheap” coins.
For most beginners, Bitcoin and Ethereum, the two most well-known cryptocurrencies, are considered to be worth a fortune. In spite of having the possibility to buy some parts of each, there is still a real psychological barrier to possessing its totality, Chapman added.
He explained that the buyer would find themselves feeling better for owning 2,000 ripple tokens, which would cost a little over $6,000, instead of holding less than half of bitcoin for the same price.
Chapman also said there is a perception among new investors that the growth opportunities with cryptocurrencies that have shown impressive returns have been missed by them.
“The views and opinions on this Crypto News Website are solely those of the authors and contributors. These views and opinions do not necessarily represent those of iBaseTrading or its partners.”