Dogecoin: the best performing crypto started off as a joke
It’s been a brutal bear market for crypto. Since peaking in early January, the entire space has lost around $US640 billion ($901 billion). Every time there’s been a brief rally it’s been followed up by relentless selling.
According to OnChainFX, a site that tracks cryptocurrencies, only one coin has seen major gains over the last 30 days, and it happens to be the one that’s the biggest joke of all: Dogecoin.
The coin, which was introduced in 2013 as a play on the once popular Doge meme, has surged over 160 per cent in about a month.
Its founder, Australian Jackson Palmer, told Fairfax Media earlier this year that he started the cryptocurrency as a joke.
“It was a piss take,” he says.
“My whole point of dogecoin was taking a jab at all these alt-coins that were coming on the scene — like Initial Coin Offerings are today — and, you know, basically making a cash grab.
“So I made the joke and it was me taking the piss out of really scammy cryptocurrency back then. But then it quickly turned into a legitimate thing … and at that point, I was like, ‘Oh my god, now I feel responsible for this joke’. I feel responsible for this economy.”
So why has Dogecoin been on such a tear while others are crashin?
Answering that is as difficult as answering why Dogecoin has any value in the first place. However, one popular theory floated on Twitter and elsewhere is that its gain has is a result of it having been added to the popular Robinhood app as a currency available for trading in mid-July.
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