Controversial Bitcoin bull John McAfee has pointed to the growth of Dogecoin as evidence that the cryptocurrency market is independent of the stock market. According to McAfee, Dogecoin which started as a joke has grown to become a multimillion dollar cap cryptocurrency.
“Doge started life as joke/prank coin. The coin now has a market cap of $360 million. The crypto market is, in no way, related to the stock market. Inherent value is, ultimately, based on usage. Doge is one of the fastest growing coins based on use. Go figure.”
Dogecoin indeed seems to be gaining a lot of popularity within and outside the cryptocurrency industry alike. Elon Musk had earlier referred to it as his favourite cryptocurrency. It was even reported that Musk became the CEO of Dogecoin for a few minutes, a position he still identifies with till date.
Dogecoin was founded in December 2013 as a joke cryptocurrency. The cryptocurrency grew to have a market capitalization of $60 million within a month in January 2014. It is majorly used as a tipping coin for rewarding content creators on social media, although it has a few applications outside the cryptocurrency space. It is currently the 28th largest cryptocurrency with a 9.8% ain in the last 24 hours.
The creator of the coin Billy Markus intended for it to be a more popular coin than even Bitcoin the leading cryptocurrency as well as to be an example for other altcoins. The cryptocurrency has been used for several purposes by different individuals and organisations. Notably, it was used to sell a house and has been used to raise $55,000 to sponsor NASCAR driver, Josh Wise.
This points to the usability of Dogecoin and McAfee must be referring to the fact that even a “joke” cryptocurrency can become huge provided it is useful and does not need the stock market to grow. Dogecoin currently has a market cap of nearly $410 million and is still growing.
[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.