With the Ethereum merge now accomplished and the highest blockchain for NFTs and decentralized functions switched to a proof-of-stake system, is now the second largest proof-of-work coin after by market cap.
Initially launched in 2013 as a joke, lampooning the crypto crash, Dogecoin is at present the tenth-largest cryptocurrency, with a market capitalization of $7.95 billion.
Dogecoin, like Bitcoin, is mined utilizing proof of labor, which suggests miners use computer systems, and a substantial quantity of power, to unravel advanced mathematical equations, validating transactions and receiving DOGE as a reward.
On daily basis, miners extract roughly 14.4 million DOGE, in keeping with crypto monitoring platform Currency.com, including to the coin’s 132.6 billion provide. Not like Bitcoin, which has a restricted provide of 21 hundreds of thousands that can ever exist, Dogecoin has no cap.
Lately, Dogecoin has discovered itself an unlikely champion on the earth’s richest individual, Tesla founder Elon Musk, who has tweeted in regards to the coin going again so far as 2019, and has brought on the price of Dogecoin to pump on a number of events.
I’ll preserve supporting Dogecoin
— Elon Musk (@elonmusk) June 19, 2022
However not even Musk’s help may save Doge from the cruel crypto winter. At present, Dogecoin is buying and selling at $0.05, down from an all-time excessive of $0.73 on Might 8, 2021, the identical day Musk appeared on Saturday Night Live. That’s a decline of 91.89%.
Final month, cryptocurrency alternate and ATM firm Coinme introduced the addition of Dogecoin to the record of choices on its machines by way of a take care of coin kiosk operator Coinstar. The ATM additionally helps Bitcoin, Chainlink, Ethereum, Litecoin, Stellar, and Polygon.