The Amazing Secrets of $DOGE !
Dogecoin is quite a prolific issuer in the cryptocurrency world, with new coins popping up every minute, totaling 5 billion coins in a year! However, what's puzzling is that despite the massive issuance, its market value only increases slightly each year, around 3%, which translates to about 200 million dollars.
The story of Dogecoin dates back to 2013 when two big names, Billy Markus and Jackson Palmer, teamed up to create it. Initially, Dogecoin was incredibly cheap, only a few cents per coin, and mining it was still possible! Markus even sold Dogecoin to buy a used Honda Civic, which is quite down-to-earth.
Now, Dogecoin is quite popular in trading markets, with major platforms like Binance trading it. However, despite its popularity, the holders are actually quite concentrated, with the top ten holders owning over 42%, leaving the rest to share the scraps.
Dogecoin also has a flaw, which is that it's easy to lose. A total of 11.2% has already been lost, which is about 200 billion coins! Moreover, 19% of Dogecoin has been sitting in wallets for over a year, totaling around 380 billion coins, which is really heartbreaking.
Speaking of Elon Musk, he is truly the savior of Dogecoin! Just one of his comments can send Dogecoin's price skyrocketing. For example, when he mentioned sending Dogecoin to the moon, the price surged by 238%! When he acquired Twitter, Dogecoin rose by 163%, and even changing his Twitter profile picture could cause a 30% rise in Dogecoin, it's really magical!
Musk has also promoted the use of Dogecoin, enabling its use for Twitter subscriptions, payments for SpaceX, and Tesla merchandise, resulting in another wave of price increases. However, Musk isn't always reliable; once he called Dogecoin a scam, and the price immediately dropped by 34%, which was quite alarming! But the market is always fluctuating, and later Dogecoin rose back, now its price has quadrupled!
Dogecoin is also quite popular in the payment field, usable in over 100 countries worldwide. Musk's promotional efforts have been very effective, even high school girls and KTV hostesses have started buying Dogecoin. Moreover, many people might not recognize BTC, but they definitely know DOGE; Dogecoin's fame is indeed quite substantial!
For valuable insights in the crypto world, click on my profile to follow me for deployment strategies on potential hundred-fold coins in a bull market, along with daily spot trading strategies!
