IT SHE WORST OVER FOR DOGECOIN? THE BOTTOM IS IN FOR BOTH DOGE & BITCOIN? BREAKING NEWS!
The price of dogecoin, which is up roughly 10,000% over the same period last year, has fluctuated in recent months as Tesla billionaire Elon Musk, who backed his dog-based bitcoin rival Shiba earlier this year Inu, remained relatively silent. Among them, a cryptocurrency inspired by dogecoin, which fell about 77% from an all-time high of 74 cents in May. But investor Glauber Contessoto, whose holdings in dogecoin previously exceeded $ 1 million, is not worried. So he is bullish on crypto, but especially bullish on Dogecoin.
He calls it “people’s cryptocurrency” and says that he is actually buying Dogecoin for his son. For example, he responded that one of the main reasons he decided to support Dogecoin was because he saw his employees hold Doge, and for him it was the people’s currency. For example, you had every version of Doge you could think of, and I feel like it took a lot of momentum from Dogecoin.
For example, if everyone came together and said, let’s bring this Dogecoin to $ 1, it would have already happened, given the amount of money that has been invested in other meme coins and other projects. For DOGE to reach $ 1 at that time, Dogecoin had to have a market cap of $ 180 billion. DOGE’s current market capitalization at the time of writing is approximately $ 37 billion.
For the price of DOGE to continue to rise, DOGE has to receive a lot more money than new coins are mined. Since DOGE has no supply caps and the block reward is so high (10,000 coins per block versus 6.25 coins per block for BTC), Dogecoin becomes exponentially harder to reach a higher price over time.
The 2021 Dogecoin bull market saw its price rise from $ 0.0002 to $ 0.70 over the course of several months, which was a one-off event. During the crypto bubble from 2017 to early 2018, Dogecoin briefly peaked at $ 0.017 per coin on January 7, 2018, bringing its total market capitalization closer to $ 2 billion. In July 2020, the Dogecoin price rallied in the wake of the TikTok trend with the aim of bringing the coin price up to $ 1. This had an immediate impact on the market: most cryptocurrencies saw their value drop, but Dogecoin has seen a 27.48% increase in the last 24 hours (10:00, May 14).
Musk tweeted the lyrics from a viral song about a baby shark released last year and revealed that it was lyrics from a Baby Doge song. Then, last August, an anonymous developer created the Shiba Inu coin, Dogecoin’s mascot dog, poking fun at the previous joke.
Since then, Elon Musk – now the self-proclaimed “Father of Great Danes” – has been responsible for raising the prices of Great Dane several times, sharing various references and memes related to the cryptocurrency on the topic of the dog on his social media feed. Paying homage to the Shiba Inu Doga meme, Dogecoin was created in 2013 as a satirical interpretation of the growing popularity of more traditional coins like Bitcoin and their cult fans. Paying homage to the Shiba Inu meme that has circulated widely on the Internet for years, Dogecoin was created in 2013 as a satirical interpretation of the growing popularity of more traditional coins like bitcoin and followers of their cult. In 2013, the new cryptocurrency Dogecoin was coined as a joke poking fun at the speculative frenzy surrounding Bitcoin.
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