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Despite price stagnation, Dogecoin miners top sales of $ 1 billion

The meme coin saga, which began long ago with the OG Dogecoin, only took the cryptocurrency industry by storm this year, with several rival memo tokens like Shiba Inu Doge now vying for money. Interest in the king hasn’t faded, however, as the Doge miners set a new all-time revenue record last month.

According to the latest data from analytics firm CoinMetrics, the total revenue of all miners exceeded Jan.

It is noteworthy that the significant increase in mining revenues was only noticed this year, even if Dogecoin has existed since 2014. The sum of all miner earnings in the graph below includes both fees and newly issued native units.

Source: CoinMetrics

A noticeable spike in revenue can be seen around May of this year, previously total revenue from the Dogecoin mines had remained well below $ 100 million.

That ten-fold increase is due not only to the increasing inflow of capital into the cryptocurrency industry, but also to the significant popularity and attention that Dogecoin has received during this period.

Promising key figures

The surge in miners’ income also coincides with DOGE’s price jump in the broader market, as an unprecedented price increase was noted in April and May. Its increasing popularity was undoubtedly viewed by these miners as a huge profit opportunity, which led to this significant increase in activity.

However, the price of the asset has been in a downward spiral since its last ATH on May 8th when it changed hands at $ 0.73.

Still, its digital asset, which stood at $ 0.16 at press time, is up 5294% over the past year. Tesla CEO Elon Musk, who regularly advocates cryptocurrency on social media, made a significant contribution to his meteoric rise during this connection.

Other proponents include billion dollar investor Mark Cuban and the resilient Doge community that has kept them alive over the years.

Its popularity was also underscored in search history statistics recently published by Google, as Dogecoin was among the top ten hottest news-related terms on Google search in 2021. While Dogecoin was in fourth place on this list, the term “Ethereum Price” only made it to 10th place.

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