Lately, cryptocurrency’s performance looks like a bad joke: Since peaking in early January, the entire space dropped close to 80%, blowing around $640B since January.
The biggest joke of all? While heavy-hitters like Bitcoin continue to slide, parody “alt-currency” Dogecoin has surged over 160% in the last month.
Not bad for a goof
Introduced to the market in 2013 as a play on the once pup-ular Doge meme, the company at one point reached a market value of more than $1B at the beginning of January, and continues to show promise.
But how does an alt-coin that, as of January, hadn’t updated its software in over 2 years, continue to stay in swing? According to Bloomberg, that’s a tough question to answer.
One of the main theories is that its gain is a result of it having been added to the popular Robinhood app as a currency available for trading in mid-July.
Good for Dogecoin, but the space is still troubled
Crypto death began early this year after the Bitcoin bubble popped, and, as The Wall Street Journal reports, it doesn’t look like it’s going to rebound any time soon.
The total value of all cryptocurrencies fell below $200B last weekend, down 76% from an all-time high of $832B in January, officially making its highly publicized plunge worse than the 2000s dotcom crash.