The 200-fold increase in the value of dogecoin over the past year is clearly a case of rabid speculation.
The digital currency represented online by a cheeky Shiba Inu has some high-profile boosters, including Tesla boss Elon Musk and rap artist Snoop Dogg.
The developer community that tends its code is small, partly because it lacks bitcoin’s scale and claims of changing the world or ethereum’s usefulness in validating online contracts.
The chief worry for a cryptocurrency is a so-called 51% attack, where a bad actor becomes the dominant miner and can doctor the record, spending currency twice over.
If the canine crypto – or any other coin – garnered enough attention and support, developers and users might come.
What the recent hype does, though, is serve as a reminder that crypto is young, and supremacy is still up for grabs.
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