Four years ago, the value of bitcoin had begun entering three-digit figures and had started to give much hope to the then regarded as “stagnant and doomed to die cryptocurrency market”. In as much as this was good news, some people might have just overestimated this hope and went to very uncalled-for extremes. About the very time bitcoin was growing other cryptocurrencies were created and issued out by other developers for several other purposes.
Interestingly, there are over a thousand different cryptocurrencies created worldwide and for very different reasons. Some for very extreme reasons which aren’t fit for mention and some for reasons one would consider rather “ridiculous”, like a cryptocurrency for hip-hop lovers. Today, we look at two of these rather lesser known cryptocurrencies; coinye west and dogecoin. Let’s begin with coinye.
You can certainly guess what it is by the sound of its name. Coinye is the cryptocurrency that was created for the hip hop community. The cryptocurrency had an image similar to the face of popular rapper Kanye West, even though he afterwards sued the coin’s developers for an infringement o copyright and eventually won.
Not long afterwards the developers of the coin gave up hope for their creation but others still tried to keep it going. This was when it gained the name “Coinye” after a what will be described as needless and useless effort to revive the cryptocurrency with an absurd act of rechristening. As was expected, this too was a dead end.
Its developers made huge claims that its price once reached $1,000 a head. How true that is remains another question for another day. The cryptocurrency is no longer mined today, neither is it in circulation. The coin only lasted seven months on the cryptocurrency market, after which it was never heard. Its pretty surprising to know that Kanye during some of his best days inspired the creation of a cryptocurrency. Quite the lesson of the hip hop history class.
Dogecoin isn’t an entirely failed cryptocurrency attempt – not yet, at least for the foreseeable future. Dogecoin was initially made known to the public in December of 2013. Most people called it an internet joke and bitcoin complete knock off. This only gained root when a random hacker managed to break into Dogewallet and steal millions of dogecoin tokens from what was supposed to be the secure safe that held dogecoins.
The price of a dogecoin when it launched was $0.0018, and hasn’t made much of an improvement even now as it stands at $0.00834 presently. Evidently, whoever that hacker was he didn’t really make much profit from what he stole back then.
Dogecoin has over a hundred billion coins in circulation largely because of its inflationary nature. As at December of last year its market cap had hit a billion dollars. That’s a really impressive feat for something tagged as a joke coin.
Dogecoin has been used largely for charity work in Kenya by the Dogecoin Foundation in several of its projects. Moreover, it has a “tipping” system like which is used for the rewarding of people on the internet when they post great media content.
Featured Images via Cryptomined and Forbes
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