Following last month’s boom in price, Dogecoin now boasts a total market capitalization of over $1 billion USD. Curiously, the price milestone appears to have garnered criticism from the projects developers and creator – who have criticized the preponderance of speculative considerations within the cryptocurrency markets.
Dogecoin Now Boasts a $1.16 Billion Market Cap
The Dogecoin markets reached the historic 10-figure threshold following DOGE’s 400% price gains that were witnessed during December 2017. As of this writing, the price of the DOGE is testing resistance at the recently established all-time high of approximately $0.0105.
Total Market Capitalization of DOGE from December 2013
Surprisingly, the billion dollar market valuation has garnered criticism from influential figures within the Dogecoin camp. Jackson Palmer, the founder of Dogecoin who left the project in 2015, is reported to have excoriated the current environment of rampant speculation that surrounds most altcoins, stating: “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.”
The fact that most conversations happening in the media and between peers focus on the investment potential is worrying, as it draws attention away from the underlying technology and goals this movement was based [on].”
Dogecoin Developers Weigh In
Patrick Lodder, a developer who works on the Dogecoin project, has argued that the recent bull-market experienced by DOGE is illustrative of the absence of fundamental considerations underpinning the meteoric spikes witnessed by many altcoins. “To me, this proves that we don’t need shiny features or a ton of innovation and even with a conservative – and in my own case completely distracted – development team for a boom,” Mr. Lodder stated.
Doge developer Max Keller also expressed his surprise regarding the current valuation of the Dogecoin markets, stating “It’s a little scary when you work on software that powers a billion dollar network. This is quite the responsibility. And also one of the main reasons why we are so reluctant to just slap any ‘innovative’ tech into the reference client. Still, I am proud of what we achieved and thankful to be part of such a great community.”
