To illustrate, the volatility of cryptocurrency, Ripple’s recent skyrocketing advance saw it’s co-founder Chris Larsen, richer than Facebook’s Mark Zuckerberg for a brief moment on Thursday on paper according to the New York Times.
Larsen’s value was worth over $59bn. The virtual currency exploded more than 30,000% in the last year.
In the NYTimes piece, Jeremy Gardner, an investor who previously worked at the virtual currency hedge fund Blockchain Capital, which invested in Ripple was quoted: “This is beyond insane...There’s absolutely nothing driving this rally except rampant FOMO [fear of missing out], misinformation, and speculation.”
Parody coin sees 400% jump
Meanwhile CNBC reports that a parody is also cleaning up on virtual currency fever. Dogecoin is an altcoin named after an internet meme with a shiba inu as its mascot. market value is now worth $1bn after the coin jumped more than 400% on Thursday to above $0.01.
According to CNBC there are several ways to get dogecoins: Users can buy them at online exchanges, get tipped in the cryptocurrency and even mine them.
The project's creator,Jackson Palmer, the founder of dogecoin who left the team in 2015, told cryptocurrency news site CoinDesk that it was telling that the token saw such a sharp jump in price even when the project hadn't released a software update in over two years.