The rate of Dogecoin issuance is quite astonishing in the cryptocurrency world, with new coins appearing like bamboo shoots after rain, practically every minute. By the end of the year, the number of new coins can reach an impressive 5 billion. However, what you may not know is that despite such rapid issuance, the market value of Dogecoin grows relatively slowly, increasing by only about 3% each year, which translates to roughly $200 million.
Tracing the history of Dogecoin takes us back to 2013 when the two founders, Billy Markus and Jackson Palmer, created it together. When it first launched, the price of Dogecoin was astonishingly low, at just $0.00059 per coin, practically a giveaway. At that time, mining Dogecoin was relatively easy, and Markus even used the Dogecoins he mined to buy a used Honda Civic.
Today, Dogecoin's popularity in the trading market is at its peak, with major platforms like Binance trading it. However, despite the seemingly hot market, the holders of Dogecoin are relatively concentrated, with the top ten holders accounting for more than 42% of the total share, leaving the rest to divide the remaining 'cake crumbs.'
Moreover, Dogecoin has a frustrating problem - it is easy to lose.
According to statistics, 11.2% of Dogecoin has gone missing, amounting to a staggering 200 billion coins. Additionally, 19% of Dogecoin has been dormant in wallets for over a year, totaling an even more astonishing 380 billion coins.
Speaking of Musk, he is practically the 'mascot' of Dogecoin. Just one of his statements can cause Dogecoin's price to soar; for instance, when he mentioned sending Dogecoin to the moon, the price immediately jumped by 238%. When he acquired Twitter, Dogecoin surged by 163%. Even changing his Twitter profile picture can cause the price of Dogecoin to rise by 30%.
Elon Musk has also been actively promoting the use of Dogecoin, such as for Twitter subscriptions and payments for SpaceX and Tesla products, further driving up the price of Dogecoin. However, Musk is not omnipotent; he once stated that Dogecoin was a scam, causing the price to plummet by 34%. But the market is always full of uncertainties, and later, Dogecoin gradually rose back, with the current price being four times the original.
In the payment sector, Dogecoin is also highly regarded, with over 100 countries worldwide supporting the use of Dogecoin for payments. Musk's promotional effects have been immediate, even some high school and college students have started investing in Dogecoin.