Dogecoin – the pupper-inspired altcoin – has gone from the realm of cryptocurrency parody to pantheon after becoming the fifth token offered as a tradable asset on the popular investment app, Robinhood.
Jackson Palmer, the Australian entrepreneur responsible for creating Dogecoin in 2013, recalls that the altcoin surged ahead of two bitcoin crashes.
“Ultimately, I think aside from being a fun community of decentralized meme lovers, Dogecoin is a useful barometer of how crazy the cryptocurrency bubble is at any given point in time,” he explains.
As of 4 p.m. eastern, Easter Dogecoin is valued at $0.003511 and bitcoin is priced at $8,229.
Dogecoin was boosted due to Robinhood’s move, while bitcoin’s jump could have a lot to do with the fact that it is being increasingly accepted by the financial establishment.
Of course, just because Dogecoin is having a bit of a moment is no reason to assume it’s time for doom and gloom.
It remains unclear whether or not this bump in Dogecoin will signal the end of bitcoin’s current hot streak.