There is still a lack of momentum in the cryptocurrency market. The Bitcoin continues to crawl between $6,000 and $7,000 and Ethereum has been falling for days. An Altcoin, originally intended as a joke, is currently attracting attention.
The Dogecoin has almost tripled on a monthly basis. A remarkable achievement in the current bear market. The percentage change in bitcoin over the same time period approaches zero.
The main trigger for the last climb could be the current project of the Dogecoin team. The team currently works on “Dogethereum”, which stands for the implementation of Smart Contracts. This is to build a bridge between Ethereum and Dogecoin, with which Dogecoin could also be transferred to the Ethereum platform. The alpha version was released on August 18th.
The Dogecoin was created in December 2013 and should actually be a bit of a parody of the Bitcoin and the growing number of Altcoins. However, the value has increased rapidly in the first few weeks and the Dogecoin gained more and more popularity. Meanwhile, Dogecoin is traded on numerous crypto exchanges and is even used by many as a means of payment.
Asked whether the Dogecoin is even a parody, Dogecoin developer Maximilian Keller responded: “In a way, that has never changed. It just got a bit more serious when it really took off.” The original founders of the project did not seem to expect this to happen, but quickly realized that some sort of responsibility comes with success. “But in the end I have the feeling that Dogecoin has retained his role as a light hearted version in crypto space. This is mainly due to the community, which is still active on various platforms after many years and is busy with fun things that keep the fun of the project.”