Uncover the big events about $DOGE that you don't know!
The speed at which Dogecoin is being minted in the cryptocurrency world is actually quite astonishing, with new coins popping up every minute, resulting in 5 billion new coins a year. But did you know? Despite this increase, its market value only grows a little each year, around 3%, which translates to about 200 million dollars.
Speaking of the origins of Dogecoin, we have to trace back to 2013, when two big names, Billy Markus and Jackson Palmer, teamed up to create it. At first, DOGE was incredibly cheap, just 0.00059 dollars per coin. Back then, mining was still profitable, and Markus even sold some Dogecoin to buy a used Honda Civic.
Now Dogecoin is quite popular in the trading market, being traded on platforms like Binance and other major exchanges. However, although it seems quite popular, the holders are actually quite concentrated, with the top ten holders owning over 42%, leaving the rest to share the remaining small portion.
Another issue with Dogecoin is that it is easy to lose; statistics show that 11.2% has already been lost, which is about 200 billion coins. Additionally, 19% of Dogecoin has been dormant in wallets for over a year, which amounts to about 380 billion coins.
Speaking of Elon Musk, he truly is a blessing for Dogecoin, as a single statement can send Dogecoin's price skyrocketing. For instance, when he said he would send Dogecoin to the moon, its price immediately surged by 238%. When he acquired Twitter, Dogecoin rose by 163%, and even changing his Twitter profile picture could cause Dogecoin to rise by 30%.
He has also promoted the use of Dogecoin, allowing it to be used for Twitter subscriptions, payments at SpaceX, and Tesla merchandise, leading to another wave of price increases. However, Musk is not always so supportive; once he called Dogecoin a scam, and its price immediately dropped by 34%. Nevertheless, the market always fluctuates, and later Dogecoin rose again, with its price multiplying fourfold.
Dogecoin is also quite popular in the payment field, accepted in over 100 countries worldwide. Musk's promotional efforts have been impressive, with even high school girls and KTV waitresses starting to buy Dogecoin. Many outsiders may not necessarily know BTC, but they can recognize DOGE.
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