In a recent tweet, crypto ranking platform CoinGecko shares a fun fact about the first and largest dog cryptocurrency, Dogecoin (DOGE).
CoinGecko noted that Dogecoin is over 8x the entire NFT market cap. Currently sitting among the top ten cryptocurrencies by market capitalization, DOGE has a market capitalization of $16.51 billion. This significantly surpasses (more than 8x) that of the NFT market, which is currently $1.97 billion according to CoinGecko data.
The NFT market cap has shrunk compared to that seen at the peak of its boom. The NFT boom from about 2021 to 2022 saw non-fungible tokens enter mainstream culture, reaching $2.9 billion in sales in 2021 before falling. NFT trading volume is slightly above $1.6 million in the last 24 hours.
Dogecoin was originally created as a joke in late 2013 by Billy Markus and Jackson Palmer. Both thought that cryptocurrency was being taken far too seriously and wasn’t much fun. On December 6, 2013, Dogecoin was launched, taking its cue from the famous Doge meme.
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Despite the NFT market representing thousands of individual projects, collections, and platforms, DOGE’s total market cap sits well above the combined valuation of the NFT market, which is noteworthy.
This just goes to show how resilient Dogecoin is, as it has weathered the storm of both bear and bull cycles over time and has been in the top ten cryptocurrencies by market cap for years now.
Dogecoin advances quantum future preparations
Dogecoin is furthering its quantum readiness with various experiments, some of which have already been revealed.
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One of these is the ZK carrier on Dogecoin mainnet. This will be a post-quantum carrier carrying zero-knowledge proofs, having real transactions and no consensus changes.
The ZK carrier represents a staged path for introducing zero-knowledge (ZK) proof support in transactions.
Likewise, the DogeBox Post Quantum Secure Dogecoin Wallet PUP marketplace has gone live, allowing users to easily find and share Dogecoin Apps built by the Doge Community for DogeBox. The Quantum Dogecoin Explorer also went live at April’s close, allowing users to learn and manually verify post-quantum secure transactions on the Dogecoin mainnet.