A cryptocurrency created as a joke about a dog meme now has a market cap above $2 billion

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Jackson Palmer started cryptocurrency dogecoin as a joke. To his surprise, it took off. That's partly why he is not optimistic about the future of cryptocurrencies. The recent volatility in the stock market has also been felt in the value of cryptocurrencies like bitcoin. There are a lot of these around right now - Ethereum, litecoin, ripple, just to name a few.

There was a gold rush dogecoin story then in cryptocurrency, and I dogecoin story there was a lot more of what are called alt coins, or alternative coins, coming on the market. You dogecoin story, bitcoin copycats, they take it, they change a variable and then they, you know, release it to the world.

And so Dogecoin story was like, this seems a little shady. Also happening back inthis Internet meme called Doge. It was a picture of a dog, a dogecoin story inu, and it had this goofy, Comic Sans writing all around it dogecoin story grammatically dogecoin story phrases like, such wow, and, much amaze.

Dogecoin story had one browser tab open with this article about Doge, and right next to it, I had CoinMarketCap, which dogecoin story a very popular website for checking the valuations of cryptocurrencies. So my tab names kind of almost spelled it out for me, in a way. He chuckled about it and sent off a tweet. And then he started hearing from all these people who were like, dogecoin?

A friend of his in the tech industry is like, what the hell, let's make dogecoin a real thing. It's easy to make dogecoin story new cryptocurrency, and it'll be, like, a fun project to understand how this stuff really works.

And so they created dogecoin. And then the price of dogecoin starts to take off. And then we were like, oh, no. Like, this thing stands to become the joke that we were making. So Jackson and his partner decide, let's try to use dogecoin for good. On the dogecoin story subreddit, they started suggesting giving dogecoins to charity. And then someone was like, hey, I heard the Jamaican bobsled team is trying to raise money. We thought, well, that's just as ridiculous as a dog on a coin. So sure, why not?

They donated dogecoin to train guide dogs, to drill wells in Kenya. Things were going great - until they weren't. Insomeone convinced a lot of people to invest a lot of dogecoin in a new, shady cryptocurrency business. That business collapsed, and people lost their money.

He gave dogecoin story all the dogecoin he had to charity. And then last year, along with lots of other cryptocurrencies, the price of dogecoin skyrocketed again. The total value of all the dogecoins out there reached more than a billion dollars at its peak. The irony is definitely not lost on me.

I think I wouldn't change creating it. You know, I've had several people that have dogecoin story up to me and said, look, dogecoin was the first thing that got me dogecoin story cryptocurrency, and dogecoin story of it, I have a reality check on the whole space. And that makes me feel good because it gave them the context that if this thing with a dog on it can, like, pump in price by 10x one day, they're, like, yeah, this whole thing's crazy, dogecoin story People are still creating new cryptocurrencies all the time.

There are now more than 1, of them. He is the co-host of NPR's new daily podcast about economics and the news. It's called The Indicator, from Planet Money. Visit our website terms of use and permissions pages at www.

NPR transcripts are created on a rush deadline by Verb8tm, Inc. This text may not be in its final form and may be updated or revised in the future.

Accuracy and availability may vary. Accessibility links Skip to main content Keyboard shortcuts for audio player. Meet Dogecoin Jackson Palmer started cryptocurrency dogecoin as a joke. Facebook Twitter Flipboard Email. February 8, 5: Heard on Morning Edition. Jackson Palmer is a product manager in San Francisco today, but Dogecoin story inI created dogecoin. And that kind of just, you know, it really ended the party, right?

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And its founder thinks that's a bad sign for the cryptocurrency market in general. Jackson Palmer, currently a product manager at Adobe, created dogecoin — a fairly simple Bitcoin clone — back in Back before bitcoin become a global phenomenon, dogecoin quickly garnered a strong following, primarily focused on memes including dogecoin's mascot, a Shiba Inu dog, and jokes about reaching "the moon," which in crypto lingo means becoming rich.

Even Dogecoin is rallying in this cryptocurrency boom. Having a four-year-long history in the world of crypto is a big deal, and as Dogecoin's following got stronger, its price steadily increased. That has set off some alarm bells among people in the cryptocurrency community, including Palmer. But here's the deal: Dogecoin does not offer many significant technological advantages over Bitcoin.

And it's not something that's seen any improvement, having not received a significant update in years. And Palmer, who sold most of his Dogecoin by and is not actively involved in the project anymore, thinks this type of price growth is indicative of a bubble. It's not just about Dogecoin, though. After an article in crypto-oriented media outlet Coindesk focused on Palmer's comments on Dogecoin, he posted an expanded statement on Twitter.

As a result, we're seeing even highly centralized assets such as Ripple achieve extremely high valuations, despite their lack of technological innovation and misalignment with the original vision of Bitcoin," he wrote. In general, the current market is a "bubble," claims Palmer, though he doesn't dare predict when it will burst.

Need to differentiate between getting hundreds of billions of dollars of digital paper wealth sloshing around and actually achieving something meaningful for society. Palmer is not the only one who's worried that enormous valuations of cryptocoins and greed have eclipsed the technological innovations that the cryptocurrency space offers. Ethereum co-founder Vitalik Buterin recently tweeted that "billions of dollars of digital paper wealth sloshing around" isn't quite the same as "achieving something meaningful for society.

We're using cookies to improve your experience. Click Here to find out more. Tech Like Follow Follow. People are spending millions on virtual CryptoKitties.