$DOGE Is Dogecoin Going Deflationary? The Crypto World is Abuzz!
Attention Dogecoin holders! There’s big news in the cryptocurrency space! One of the founders of Dogecoin, Billy Markus, has released a shocking announcement on the X platform — Dogecoin is set to go deflationary! This news has quickly caused a stir in the crypto community.
What is deflation?
Simply put, deflation means an increase in the purchasing power of currency. For example, if a small cake originally costs 10 yuan, after deflation, it can be bought for just 5 yuan. So how will Dogecoin achieve deflation? Billy Markus revealed that developers will make code modifications on GitHub and submit a plan to implement deflation. But this is just the first step; the most crucial aspect is that the Dogecoin community and miners need to reach a consensus, after all, this is a “treasure” that everyone collectively maintains, and the new rules must gain widespread acceptance.
What is the current status of Dogecoin?
Currently, there are about 146.78 billion Dogecoins in circulation, with approximately 5 billion added each year. Although the new supply is fixed, as the total amount increases, the growth rate will gradually slow down. Unlike Bitcoin, which has a fixed total supply and will not issue more, Dogecoin is like a never-ending buffet, with a continuous supply. However, Billy Markus also mentioned that Bitcoin’s rules are not set in stone; they can be negotiated and modified, which reflects the flexibility and variability of the blockchain world.
What if deflation is successful?
If Billy Markus’s plan succeeds, Dogecoin will transform from “generous” to “rare,” undoubtedly enhancing its scarcity and value. Ultimately, Dogecoin’s unique design might even make it more appealing than fiat currency.
However, whether this goal can be achieved depends on the attitude of the Dogecoin community and miners. How will this grand deflation adventure for Dogecoin unfold? Let’s wait and see; perhaps soon, Dogecoin will shock the cryptocurrency market with a brand new look!
Additionally, a potential coin I’ve recently been eyeing is gradually building up energy to make a move. I see a short-term increase of 2-10 times, and a long-term outlook of over 10 times. If you want to learn more, you can check out Marvin on the Ethereum chain in your web3 wallet.
