Dogecoin market capitalization approaches 100 billion US dollars, critics blow up “Joke Coin”, community buzzes with rumors about DOGE whales – Bitcoin News
The infamous meme-based cryptocurrency Dogecoin is back on the move shortly before the upcoming Saturday Night Live episode starring Elon Musk. While Dogecoin is up 81% today, many cryptocurrency veterans have warned newbies about the digital currency, which should be a joke. Meanwhile, others believe that Dogecoin has a lot of potential and could be a long-time competitor in the crypto-assets world.
Dogecoin markets are seeing a surge ahead of the SNL
Dogecoin (DOGE), the cryptocurrency that literally started as a hoax, is approaching a market cap of $ 100 billion on Saturday. DOGE is a crypto asset that was developed and launched in December 2013 by software engineers Billy Markus and Jackson Palmer. The Dogecoin logo shows the face of the Shiba Inu dog and the logo is popular because of the original Doge meme that went viral on the internet. Currently, the crypto asset is up 81% in the past seven days and a whopping 1,073% in the last month.
DOGE / USD chart on Saturday, May 8, 2021.
This has gotten a lot of attention and not only that, Tesla’s Elon Musk has also been tweeting about the Shiba Inu meme coin for quite some time. Musk once referred to Dogecoin as his “favorite” crypto, and some people assume he could mention DOGE on the upcoming Saturday Night Live show, which airs May 8th.
Several other celebrities have also said good things about Dogecoin on Twitter, including Gene Simmons, Snoop Dogg, and Mark Cuban. But not everyone is so kind to the Shiba Inu Meme-based crypto asset as veterans have warned people about the risks of the asset.
One problem with DOGE is the fact that there are billions of units in circulation and the supply is currently around 129,517,138,098 DOGE. Dogecoin can still be mined using ASIC mining rigs. Additionally, unlike crypto assets like Bitcoin, with a hard supply cap of 21 million, the Dogecoin network is inflationary as Jackson Palmer decided to lift the 100 billion DOGE protocol cap. Another reason people don’t like Dogecoin (DOGE) is because the whales are holding the coin.
The mysterious Dogecoin whales and the “Punchline”
This DOGE address, for example, has 36 billion coins at the time of publication and some believe the owner is a whale and others think it could be an exchange. The top 7 addresses on the Dogecoin-rich list have quite a bit of the offer. In the block statistics show that the concentration in large DOGE owners is 65%, which is much higher than most networks. Data for “holder composition by time held” shows that Dogecoin holders don’t last as long as assets like BTC or BCH. 54% of DOGE owners have held on for over a year and 21% for less than a month, according to Into the Block statistics.
Dogecoin (DOGE) statistics based on data from Into the Block and market.Bitcoin.com on Saturday, May 8th, 2021.
Many editorials and opinion pieces have been published warning people against investing in Dogecoin. An article published on kiplinger.com entitled “Dogecoin’s a Joke, Don’t Make Yourself the Punchline” gives the memebased currency a scathing criticism. Others believe that Dogecoin is the future and that it could actually make its way into mainstream adoption. A recent study by protos.com shows that some large DOGE whales have “strong hands”.
“Dogecoin’s five largest whales are now sitting on the meme-inspired cryptocurrency valued at over $ 3 billion – up from a measly $ 40 million at the beginning of the year,” the report said. “Just one of the Dogecoin whales, which we have named” Bs4 “, holds more than 3.1 billion DOGE, which is one billion dollars at today’s prices.”
The protos.com report adds:
Some believe that Bs4 could belong to one of Elon Musk’s sons. The Tesla billionaire tweeted that he bought Dogecoin for his birthday the day after that billion DOGE deposit.
The protos.com study goes on to explain that they tracked five Dogecoin whales and sold two of them. “The other three whales haven’t withdrawn a DOGE yet. Either they have very strong hands or they have lost access to the associated private keys, ”emphasizes the report’s author. “At the time of going to press, these five Dogecoin whales control about 6% of the supply of Dogecoin (about 8 billion DOGE),” concluded the protos.com report on April 19th.
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Addresses, Doge, DOGE Markets, Doge Price, DOGE Wale, Dogecoin, Dogecoin price, Elon Musk, Exchanges, Into the Block, Jackson Palmer, Joke Coin, Mark Cuban, Markets.Bitcoin.com, Meme, Meme Coin, protos.com Report, Saturday Night Live, Shiba Inu dog, SNL, strong hands, whales
What do you think of the Dogecoin craze and the meme coins of believers and skeptics? Let us know what you think on this matter in the comments below.
Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a Florida-based financial tech journalist. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open source code and decentralized applications. As of September 2015, Redman has written more than 5,000 articles for Bitcoin.com News on the disruptive protocols emerging today.
Photo credit: Shutterstock, Pixabay, Wiki Commons, Tradingview, Markets.Bitcoin.com, Into the Block,
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