Uncover the big things you didn't know about $DOGE !
The rate of new Dogecoin issuance in the cryptocurrency world is actually quite astonishing, with new coins popping up every minute, resulting in 5 billion new coins after a year. But did you know? Even with such issuance, its market value only increases by a little each year, about 3%, which translates to roughly 200 million dollars.
Speaking of the origin of Dogecoin, we have to trace back to 2013 when it was created by two big names, Billy Markus and Jackson Palmer. Initially, DOGE was incredibly cheap, at just $0.00059 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 trading markets, with Binance and some major platforms trading it. However, despite its popularity, the holders are quite concentrated, with the top ten holders accounting for over 42%, leaving the rest to share the remaining crumbs.
Another issue with Dogecoin is that it's easy to lose; statistics show that 11.2% has been lost, which is about 200 billion coins. Additionally, 19% of Dogecoin has been dormant in wallets for more than a year, amounting to 380 billion coins.
Speaking of Elon Musk, he is truly a lucky star for Dogecoin; just one statement from him can send Dogecoin prices skyrocketing. For example, when he said he would send Dogecoin to the moon, the price immediately surged by 238%. When he acquired Twitter, Dogecoin rose by 163%, and even a change of his Twitter profile picture could lift Dogecoin by 30%.
He also promotes the use of Dogecoin for applications such as subscribing to Twitter and paying for SpaceX and Tesla merchandise, resulting in another price surge. However, Musk isn't always so supportive; there was a time when he called Dogecoin a scam, and the price immediately dropped by 34%. But the market always fluctuates, and later Dogecoin bounced back, now pricing at four times its value.
Dogecoin is also quite popular in the payment sector, accepted in over 100 countries globally. Musk's promotional efforts are impressive, attracting even high school girls and KTV workers to start buying Dogecoin. Moreover, many outsiders may not recognize BTC but are familiar with DOGE.
If you want to delve deeper into the cryptocurrency world but can't find a direction, and wish to quickly grasp the information gap, click on my avatar to follow me, like + comment, and gain firsthand insights and in-depth analysis!