As you could probably venture to guess, Dogecoin was originally created as a parody named after an internet meme featuring a Shiba Inu dog. But, that parody turned a little more serious and now it’s worth more than $1 billion. What does that say for the marketplace if Dogecoin, another form of cryptocurrency, can skyrocket so quickly? The founder of the intended parody, Jackson Palmer, is worried about market excess.
According to CoinDesk, Palmer made a statement regarding his concern on the success of this parody:
“I have a lot of faith in the Dogecoin Core development team to keep the software stable and secure, but I think 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.”
Palmer stepped away from the company in 2015. According to data from CoinMarketCap, the price of dogecoin started to climb around May 2017 after years of stagnation.
