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This week has provided two excellent counter-examples against the inherent badness of bitcoin – one small, one very big. Dogecoin doesn’t trade on Coinbase but it has rallied ahead of the exchange’s shares trading on the Nasdaq. Coinbase is known for its expensive trading fees yet it’s still not listing DOGE, one of the most traded tokens. Dogecoin’s creator, Shibetoshi Nakamoto, expressed displeasure, calling the product offering 10% yield unsustainable in a sarcastic tweet. The aversion to high-yielding products is understandable, considering the collapse of Terra in May and recent liquidity issues at several lending and borrowing firms and exchanges. Terra’s Anchor Protocol offered a 20% yield on deposits of stablecoin UST earlier this year.
Doge was never designed to have any real-world utility beyond being a simple blockchain-based payment system; however, it quickly amassed a diehard community of fans who found and developed new use cases for it. Those included a third-party online tipping service, which led to doge becoming a leading tipping coin on social media platform Reddit and crowdfunding charitable causes using dogecoin. You can track over 10,000 crypto prices on CoinGecko across more than 50 currencies. Popular cryptocurrency pairs include BTC to USD, ETH to USD, and SLP to PHP. You can also track metrics such as 24 hour trading volume, market capitalization, price chart, historical performance chart, the circulating supply, and more.
Dogecoin’s DOGE Sees Volatile Trading After Upgrade
The price of Dogecoin jumped above 30 cents as of Friday to a record high,according to the digital currency exchange Coinbase. That’s more than double its value Wednesday, when Dogecoin (pronounced “doh-j”) hit 13 cents. Late Friday, it traded at about 34 cents after reaching as high as 45 cents. CoinDesk talks to TipperCoin’s Scott Li about micropayments, dogecoin and how social media can further bitcoin’s adoption worldwide. “The surge of dogecoin can largely be attributed to the Dogechain announcement,” Igneus Terrenus, spokesperson at crypto exchange Bybit, said. “Sometimes a nine-figure VC check is less powerful an instrument for than having the word ‘doge’ in your name.”
- Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption.
- Dogecoin’s native DOGE tokens saw volatile trading in the past 24 hours.
- The aversion to high-yielding products is understandable, considering the collapse of Terra in May and recent liquidity issues at several lending and borrowing firms and exchanges.
- The r/WallStreetBets Reddit community took Wall Street by storm earlier this year, spurring a fight in the markets between amateur and hedge fund investors over stocks like GameStop and AMC.
- Perhaps investors looking for clues on whether the market bounce is running out of steam should look at other factors.
While many other digital assets continued to rise through the second quarter of 2017, doge prices fell below $0.001. It wasn’t until November 2017, when doge’s price found support again from bullish investors. Unlike the case with many other cryptocurrencies, the founders of dogecoin didn’t launch a public sale or “premine” coins buy dash cryptocurrency litecoin prior to the token’s launch. Instead, a total supply limit of 100 billion coins was set and anyone with a laptop or smartphone could begin mining doge immediately. In addition to tracking price, volume and market capitalisation, CoinGecko tracks community growth, open-source code development, major events and on-chain metrics.
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The lawsuit, however, did not resonate with the crypto community as entrepreneurs began to ridicule the move. Musk, too, was seemingly unshaken about the allegation as he doubled down on his love for the Dogecoin ecosystem with the above tweet. The longtime crypto bull called bitcoin “a well-thought-out, well-distributed store of value.”
Earlier this year, Dogecoin soared following enthusiasm from a Reddit group called r/SatoshiStreetBets, which aims to pump up the prices of cryptocurrencies. To be sure, the sharp rise in Dogecoin has led to worries of a bubble in the cryptocurrency market, some analysts warn. Dogecoin has ridden a similar Reddit-driven wave as stocks like GameStop and AMC in recent months, accelerated by a series of tweets by tech billionaire Elon Musk, who was pumping the cryptocurrency. The surge in popularity for “memecoins” like Dogecoin follows a recent boom in retail trading during the coronavirus pandemic as more people worked online, spurring interest in “meme stocks” like GameStop.
- Bitcoin, which accounts for over half of the more than $2 trillion market value of all cryptocurrencies put together, was around $56,000 on Tuesday.
- The range of coins available for block rewards was tapered every 100,000 blocks until 2014 when the project’s founders decided to change the block reward system to a fixed schedule.
- Musk further reassured Markus by sharing his openness to use Dogecoin as payment for other services in addition to Tesla and SpaceX merch.
- This week has provided two excellent counter-examples against the inherent badness of bitcoin – one small, one very big.
- Late Friday, it traded at about 34 cents after reaching as high as 45 cents.
The 24h trading volume refers to the amount a cryptocurrency has been bought and sold on all exchanges within the last 24 hours on the spot market . For instance, if the 24h volume for Ethereum is $15 billion, it means that $15 billion worth of Ether had changed hands across all exchanges in the last 24 hours. The price is calculated using a global volume-weighted average price formula which is based on the pairings available on different exchanges of a particular crypto asset.
About Dogecoin
Market capitalization is used to determine the ranking of cryptocurrencies. The higher the market cap of a particular crypto coin, the higher its ranking and share of the market. Crypto market cap is calculated by multiplying the total number of coins in circulation by its current price. For instance, to calculate the market cap of Ethereum, all you need to do is multiply the total number of Ethereum in circulation by the current price of one Ethereum and you will get its market cap.
Bad actors trying to cash in on Musk’s success have been found to be releasing deepfake videos promoting cryptocurrency scams. On Saturday, Dogecoin creator Billy Markus, who is no longer a part of the project, shared his vision for Dogecoin that goes beyond the hype — recommending the developers focus more on its utility and security. On Thursday, a New York district court received a class action complaint against the world’s richest man Elon london capital group holding Musk and his companies, SpaceX and Tesla, for an alleged Ponzi scheme using DOGE. The lawsuit demanded $258 billion in total monetary damages from Musk while requesting the court to rule DOGE trading as gambling in the United States. Like all successful crypto booms, Dogecoin is benefiting from a ton of Internet hype—including from big-name American businessmen. Charts Explore more data on the digital asset markets with comprehensive graphs.
Dogecoin Jumps as Dogechain Gains Traction Among Retail Crypto Traders
Dogechain developers said Wednesday the network had seen over 480,000 unique transactions and some 58,000 native wallets since the network’s creation earlier this week. Dogechain is built on Polygon Edge, which lets the project bootstrap a new blockchain network while providing full compatibility with Ethereum smart contracts and transactions, according developer documents. Separate catalysts saw the two tokens jump and see volatility over the weekend, with SNX rising as much as 85% in the past 24 hours. In January 2021, community members of a Reddit channel called “wallstreetbets” orchestrated an attack on Wall Street hedge funds by pumping heavily shorted stocks. That social media-fueled stunt attracted global attention and an increasing number of new followers to the cause. The Reddit channel reportedly grew by 1.5 million users overnight and was so overwhelmed that it had to go offline temporarily.
You will receive an email with instructions on how to reset your password in a few minutes. Perhaps investors looking for clues on whether the market bounce is running out of steam should look at other factors. A new remote procedure call method, rescan, has been added to allow node operators to rescan the chain for wallet transactions from a certain height, as per developer documents. “This can help speed up the rescan process for keys known to be generated after a certain date or block height,” developers explained in the release. The minor version release introduces essential security updates and changes to network efficiency.
How does CoinGecko Calculate Cryptocurrency Prices?
This has been highlighted by young stock investors who have begun to wake up and realize the freedom-giving potential, power, and value of crypto. “There is a crazy excitement very young investors around meme coins and meme ideas. I mean, it’s shocking to me that GameStop continues to hold any value,” he added. Robinhood suffered a “major outage” in the midst of Dogecoin’s rally, angering many retail investors. On Thursday, the online brokerage said it faced “unprecedented demand” on its cryptotrading feature.
Musk, who has more than 51 million followers on Twitter, has driven traders into frenzies by mentioning Dogecoin at times. But the Coinbase listing has also attracted new retail traders to smaller and cheaper coins like Dogecoin. In fact, the cryptocurrency dogecoin exchange binance fees rally in Dogecoin came even though Coinbase isn’t offering to trade it. The current price per unit of weight and currency will be displayed on the right. Get the latest crypto news, updates, and reports by subscribing to our free newsletter.
First Mover Americas: Bitcoin Up Slightly After Hitting Weekend Lows on Recession Fears
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. As a financial metric, market cap allows you to compare the total circulating value of one cryptocurrency with another. Large cap cryptocurrencies such as Bitcoin and Ethereum have a market cap of over $10 billion. They typically consist of protocols that have demonstrated track records, and have a vibrant ecosystem of developers maintaining and enhancing the protocol, as well as building new projects on top of them.
