As Bitcoin Prices Tumble, Dogecoin Soars
What started as a joke is now worth millions of dollars.
The past few months have seen Bitcoin prices take a nosedive, with shakeups in the market occurring almost immediately after the boom in 2017, which kicked off a new wave of investing and millionaires. As other cryptocurrencies suffer declining value, one seems to be entirely unaffected by the slump: Dogecoin.
Launched as a gag in 2013 by an Adobe product manager, the crypto asset currently boasts a $740 million USD market cap, with daily trade volumes reaching millions of dollars. Taking its name and logo from the shiba inu meme of the same name, Dogecoin’s current value has positioned it as the market’s 17th-largest cryptocurrency. Growth has been boosted by traders toying with methods to digitally link Dogecoin and Ethereum — another popular cryptocurrency — and continue to experiment with Dogecoin in conjunction to other digital assets, to the chagrin of the currency’s creator.
Recently, Starbucks announced plans to begin accepting Bitcoin and other digital currency.
