Nine out 10 cryptocurrencies created in the past year or so will fold – says the man who launched Dogecoin as a joke.

Jackson Palmer – who freely admits he did not make any money out of his creation – believes we are reaching a crunch point for many fledgling virtual currencies.

He said that 12 months ago, as market leading bitcoin was really beginning to attract mainstream interest, scores of cryptocurrencies “got a bit of seed money” and sprang into life.

Now, coming up to their anniversaries, reality is about to bite.

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