Fascinating Dogecoin
Recently, one of the founders of Dogecoin, Billy Markus, revealed on the platform that Dogecoin will become 'scarce,' which has caused a stir in the crypto community. Simply put, Billy proposed to modify the code to make Dogecoin's supply limited.
The specific steps are: First, developers need to make modifications on GitHub; second, the community and miners need to reach a consensus. This means that the issuance of Dogecoin will no longer increase by 5 billion each year as it does now, but will gradually slow down, approaching a fixed increment.
Currently, the total supply of Dogecoin is approximately 146.78 billion, and it increases by a fixed amount each year. However, unlike Bitcoin, Dogecoin does not have a total supply cap and can be infinitely minted. But Billy believes that Dogecoin's design can be more flexible and may even be more reliable than government currencies.
In summary, Billy's goal is to make Dogecoin more scarce by reducing the new coin issuance. Whether this can be successful depends on the support of the community and miners. If it goes smoothly, Dogecoin may become more precious, which is something to look forward to.
Regarding SHIB:
It has currently fallen below $0.000022, dropping more than 20% in just one week. This crash has caused 43% of SHIB investors to incur losses, coinciding with the decline of the entire meme coin market, with currencies like Dogecoin, Pepe, and Bonk also experiencing price plummets. Shiba Inu has seen its largest drop in recent months, falling to $0.000020, devastating investors.
This drop was influenced by overall market bearish sentiment and Bitcoin's decline, dragging down the entire crypto market. For investors who entered the market at high points, this serves as a wake-up call, especially since the high volatility of meme coins often leads to drastic drops. Data shows that 43% of Shiba Inu investors are at a loss, and on-chain signals are also bearish, with key indicators like net network growth and trading volume both negative.
Meanwhile, whales are rapidly selling off SHIB. An anonymous whale recently sold 250 billion SHIB for $6.05 million. This whale had purchased 152.8 trillion SHIB for $3,800 in 2020, making a profit of $109 million. The market value of meme coins has dropped by 16%, and cryptocurrency analysts believe that meme coins may have hit bottom, but the bear market may have fully unfolded, indicating the end of the bull market.
Is PEPE on the road to recovery?
In the past week, PEPE's price has dropped by over 20%, but it has successfully rebounded in the last 24 hours, with an increase of over 10%, currently trading at $0.00001776. Meanwhile, trading volume has increased by 39%, surpassing $5 billion, suggesting the possibility of a continued bull market.
It is worth noting that while memecoins usually suffer significant setbacks during corrections, they can also surge dramatically when the market rebounds. According to Santiment data, PEPE's buying pressure is increasing, and off-exchange supply is rising, indicating that people have confidence in the token.
However, the selling pressure from whales has also increased, with the supply of PEPE held by top addresses decreasing last week. The RSI indicates rising buying pressure, but the technical indicator MACD shows bearish signals, which may suggest that prices will adjust again in the coming days.
Today's article ends here. Currently, we are in a bull market, and the winds are changing, with daily cryptocurrency sharing.
