Altcoins

About 14 Billion Dogecoin (DOGE) Are Being Added to Supply Each Day

After the price of DOGE surged to 0.4358 on “DogeDay,” it corrected to just under 0.27. As of writing, DOGE is trading around $0.314 with a market cap of $38.75 billion. At one point, Dogecoin’s market cap became bigger than that of Ford Motor Co. and Kraft Heinz Co. — and nearly equal to Twitter Inc. Amidst this price action, Robinhood lowered the minimum order size from 10 DOGE to 1 DOGE. At the same time, the minimum order size for both Bitcoin and Ether has also lowered to 0.000001 BTC and 0.0001 ETH, both worth less than a dollar, to make it “easier for anybody to invest in crypto.” During the celebration of the day known for pot-smoking, Dave Portnoy also jumped on the Shiba Inu-themed token amidst the frenzy created by social media. But much like Bitcoin, Portnoy just can’t resist buying the local top of DOGE either and bought $25k worth of it. https://twitter.com/stoolpresidente/status/1384500364901289985 According to Mike McGlone of Bloomberg, this annoying frenzy is the result of a “perfect storm” of pandemic lock-ups, investors’ ability to speculate around the clock — crypto runs 24/7 unlike the traditional market — and lots of cash in the system. As we have seen, the younger generation has been using TikTok to push DOGE to the moon and is determined to take it to $1 or even higher. “There’s a tribe of investors, many of them millennials, who see it as a cause, a movement,” said Antoni Trenchev, the co-founder of crypto-lending firm Nexo. “Dogecoin is symptomatic of the zeitgeist happening before our very eyes.” However, the biggest issue with DOGE is the concentration of its supply and its emission rate. https://twitter.com/alistairmilne/status/1384619437228281867 As we reported, a handful of addresses own the majority of the DOGE. According to Bitinfocharts, one address has 28.5% of the coin supply. Moreover, the cryptocurrency that started with 100 billion coins in circulation has annual inflation of 5 billion coins each year, which means about 13.7 million coins are being added to the market each day. As of writing, 130 billion DOGE are in circulation, up from just over 66 billion in April 2014. 

   

Source


Show More

Leave a Reply

Your email address will not be published. Required fields are marked *

Close

Become a Millionaire by Trading Crypto!