Dogecoin Developers Lament Billion Dollar Market Cap Milestone

Following last month’s boom in price, Dogecoin now boasts a total market capitalization of over $1 billion USD. Curiously, the price milestone appears to have garnered criticism from the projects developers and creator – who have criticized the preponderance of speculative considerations within the cryptocurrency markets.

Also Read: Stellar Rockets into the Cryptocurrency Top 10 After Tripling in a Week

Dogecoin Now Boasts a $1.16 Billion Market Cap

The Dogecoin markets reached the historic 10-figure threshold following DOGE’s 400% price gains that were witnessed during December 2017. As of this writing, the price of the DOGE is testing resistance at the recently established all-time high of approximately $0.0105.

Dogecoin Developers Lament Billion Dollar Market Cap Milestone
Total Market Capitalization of DOGE from December 2013

Surprisingly, the billion dollar market valuation has garnered criticism from influential figures within the Dogecoin camp. Jackson Palmer, the founder of Dogecoin who left the project in 2015, is reported to have excoriated the current environment of rampant speculation that surrounds most altcoins, stating: “I have a lot of faith in the Dogecoin Core development team to keep the software stable and secure, but I think it says a lot about the state of the cryptocurrency space in general that a currency with a dog on it which hasn’t released a software update in over 2 years has a $1B+ market cap.”

“The fact that most conversations happening in the media and between peers focus on the investment potential is worrying, as it draws attention away from the underlying technology and goals this movement was based [on].”

Dogecoin Developers Weigh In

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