CoinDesk’s Adam B. Levine sees some surprising similarities between the top meme token and bitcoin as Dogecoin’s gains top 9,392 percent.
Dogecoin has always been an oddity to those who have worked in the industry for a long time: a project with extraordinary approachability and appeal to new users while missing much of the characteristics that make cryptocurrencies useful or valuable.
The project, which was started in 2013 by Jackson Palmer and Billy Markus, was abandoned by its creators and developers, if not its fans, years ago. It was so small until recently that it couldn’t even power its blockchain infrastructure, so it hitched its wagon to another early cryptocurrency named litecoin in 2014.
That seemed like a necessary step at the time, as there were doubts about DOGE’s ability to survive. Then, just a few days ago, the most famous meme token overtook its patron chain.
When assessed by market capitalization, Dogecoin is currently more than double the size of litecoin (and the 330-year-old Barclays bank).