The infamous meme-based cryptocurrency Dogecoin is back on the move with Elon Musk right before the upcoming Saturday Night Live episode. While Dogecoin is up 81% today, many cryptocurrency veterans have warned newbies about the digital currency, which was supposed to be a joke. Meanwhile, others believe that Dogecoin has great potential and could be a long-time competitor in the crypto-assets world.
Dogecoin Markets See a surge ahead of the SNL
The cryptocurrency that literally started out as a joke Dogecoin (DOGE) is approaching a market cap of $ 100 billion on Saturday. DOGE is a crypto asset that was developed and launched in December 2013 by software engineers Billy Markus and Jackson Palmer. The Dogecoin logo shows the face of the Shiba Inu dog and the logo is popular because of the original Doge meme that went viral on the internet. Currently, the crypto asset is up 81% in the past seven days and a whopping 1,073% in the last month.
This has gotten a lot of attention and not only that, but Tesla’s Elon Musk has been tweeting about the Shiba Inu meme coin for a while now. Musk once called Dogecoin his “favorite” crypto, and some people assume he could mention DOGE on the upcoming Saturday Night Live show, which airs May 8th.
Several other celebrities have also said good things about Dogecoin on Twitter, including Gene Simmons, Snoop Dogg, and Mark Cuban. But not everyone is as kind to the Shiba Inu meme-based crypto asset as veterans have warned people about the risks of the asset.
One problem with DOGE is the fact that there are billions of units in circulation and the supply is currently 129,517,138,098 DOGE. Dogecoin can also be mined using ASIC mining rigs. Additionally, unlike crypto assets like Bitcoin with a hard supply cap of 21 million like Jackson Palmer, the Dogecoin network is inflationary decided remove the protocol cap, which was 100 billion DOGE. Another reason people don’t like Dogecoin (DOGE) is because of the whales holding the coin.
The mysterious Dogecoin whales and the ‘punchline’
These DOGE address For example, at the time of publication, it holds 36 billion coins and some believe the owner is a whale, others believe it could be a trade. The seven best addresses in the dogecoin-rich list own quite a bit of the supply. In the block statistics show that the concentration in large DOGE owners is 65%, which is much higher than most networks. Data for “Composition of Holders by Time Held” suggests that Dogecoin holders don’t last as long as they would with assets like BTC or BCH. According to Into the Block, 54% of DOGE owners last more than a year and 21% less than a month statistics.
Many editorials and opinion pieces have been published warning people against investing in Dogecoin. One items “Dogecoin is a joke, don’t punch yourself,” posted on kiplinger.com, gave the meme-based currency a scathing review. Others believe that Dogecoin is the future and that it could actually become mainstream adoption. A recently published study written by protos.com indicates that some large DOGE whales have “strong hands”.
“Dogecoin’s five largest whales are now sitting on a meme-inspired cryptocurrency valued at over $ 3 billion – up from just under $ 40 million at the beginning of the year,” the report said. “One of the Dogecoin whales that we have named” Bs4 “holds more than 3.1 billion DOGE alone, equivalent to $ 1 billion at today’s prices.”
The protos.com report adds:
Some believe that Bs4 could belong to one of Elon Musk’s sons. The Tesla billionaire tweeted that he bought Dogecoin for his birthday the day after that billion DOGE deposit.
The protos.com study goes on to explain that it tracked five Dogecoin whales and sold two of them. “The other three whales haven’t withdrawn a dog yet. Either they have very strong hands or they have lost access to the associated private keys, ”the report’s author emphasizes. “At press time, these five Dogecoin whales control approximately 6% of Dogecoin supply (approximately 8 billion DOGE),” the protos.com report concludes on April 19th.
What do you think of the craziness of doge coins and the believers and skeptics of meme coins? Let us know what you think on this matter in the comments section below.
Photo credit: Shutterstock, Pixabay, Wiki Commons, Trade View, Markets.Bitcoin.com, Into the Block,
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