The cryptocurrency, which was created as a parody now has a market value of over 1 billion dollars.
Dogecoin was created in 2013, and its emblem is a Japanese art dog promoted by Internet Mime that dates back to 2010. Domain owners are positioned as an “internet currency” that allows users to easily send money online.
There are several ways a person can get Dogecoin: Users can buy it on online exchanges or mine it, like Bitcoin.
The high rise of the virtual currency in recent months has prompted the creator of the project to raise concerns about the state of the market.
Jackson Palmer, the founder of Dogecoin, who leaves the group developing DOGE in 2015, told CoinDesk that the team has not been upgrading the software for two years.
“The most significant factor contributing to the appreciation of Altcoins is the feeling of having” cheap “currencies,” said Dave Chapman, Managing Director of Hong Kong’s Ostrogon Strategy, to CNBC.
“The two most popular cryptos (bitcoin and ethereal) are considered too expensive by most new entrants.” Although they can only buy part of the two currencies, there is a real psychological barrier to owning something in its entirety, “Chapman adds.
A buyer, he explains, would feel better if he knows he owns 2,000 units worth a little over $ 6,000 instead of owning less than half of one bit of the same price.