Dogecoin has been a favorite cryptocurrency for many over quite some time all thanks to its low price and a robust community. It’s no secret; cryptocurrencies priced below the $1 mark have been a go-to investment option for most newcomers into the industry.
But for Dogecoin, also known as the parody coin, the story has mostly revolved around ridiculous speculation from gamblers looking to pump up the price and make a quick buck from the parody coin. Jackson Palmer, despite being a founder of Dogecoin, maintains a pretty realistic view of the coin.
To him, Dogecoin is nothing more than a “joke currency.” Obviously there is a good number of crypto enthusiasts who would like to think otherwise and even though there is a group of developers who are currently helping maintain the Dogecoin project in their spare time, one of the most important questions anyone investing in Dogecoin has to ask is whether this joke coin should be taken seriously or should it remain a joke. Jack Palmer has constantly reminded everyone interested in Dogecoin that its main purpose was to be a “playful joke”.
In fact, Palmer left the cryptocurrency space sometime back as a move to detoxify from the cryptocurrency craze that saw wannabe investors and entrepreneurs launch or invest in cryptocurrency projects with little knowledge of how the industry works. According to Palmer, the crypto space had, at the time, hit a public image snag of cryptocurrencies who’s main purpose was unclear yet hitting unexpected milestones in terms of market capital. According to Palmer, new investors into the crypto space are reacting out of FOMO in a bid to make a quick buck on price volatility.
True to his words, Dogecoin hit an all-time high market capitalization of close to $2billion early in the year and even though Palmer eventually returned to being active in the crypto space, Dogecoin has not been the only coin that has led to rising concerns of a bubble. Bitcoin has also seen abnormal price growth and volatility with its price going down from a high of almost $20,000 at the beginning of the year to its current market price in the $7,000 region. Read more from globalcoinreport.com…
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