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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.