Dogecoin: A miraculous journey in the tide of inflation, are you ready?
Looking back to 2013, the birth of Dogecoin was the ingenious creation of two wise men, Billy Markus and Jackson Palmer. At that time, the price of a Dogecoin was just $0.00059, so cheap it was hard to believe. Markus even exchanged Dogecoin for a used Honda Civic, which not only marked the initial recognition of Dogecoin's value but also reflected the infinite possibilities of digital currency's future.
Today, Dogecoin is thriving in the trading market, with major exchanges like Binance incorporating it into their platforms. However, behind the glamour, the distribution of holders appears quite concentrated, with the top ten holders occupying over 42% of the market share, while the remaining individuals share a small portion of the limited cake. This is both a testament to Dogecoin's popularity and a test of investors' strategies.
Yet, Dogecoin's journey has not been smooth sailing; loss and dormancy have become challenges it must face. According to statistics, 11.2% of Dogecoin has permanently disappeared into the digital world's fog, equivalent to a staggering loss of 200 billion coins. Additionally, 19% of Dogecoin has been dormant in wallets for over a year, totaling 380 billion coins, as if they are waiting for a moment to be awakened.
When mentioning Dogecoin, one cannot overlook the legendary figure in the tech world, Elon Musk. His words can stir up a tidal wave in Dogecoin's price. From the ambitious declaration of 'sending Dogecoin to the moon' to the price surge triggered by the acquisition of Twitter, and the subsequent 30% increase following a change of Twitter's profile picture, Musk seems to possess the magic to control Dogecoin's price.
In the payment sector, Dogecoin also shines brightly, being seen in over 100 countries worldwide. Musk's promotional effect spreads like a virus, with even high school girls and KTV hostesses joining the ranks of Dogecoin investors. Dogecoin's popularity even surpasses that of some established digital currencies, becoming the first choice for many entering the crypto world.
