The term “altcoin” is an acronym for “alternative currencies” and simply means cryptocurrencies other than bitcoin. Dogecoin is a cryptocurrency just like Bitcoin or Ethereum, although it is very different from one of these popular coins. Dogecoin is a proof-of-work cryptocurrency, so Dogecoin uses processing power to secure its blockchain in a similar way to Bitcoin.
According to TRG Datacenters, the meme-inspired cryptocurrency Dogecoin uses 0.12 kWh of energy per transaction, while Bitcoin and Ethereum consume 707 kWh and 62.56 kWh of energy per transaction, respectively. In a recent interview with Time magazine, the head of Tesla and SpaceX said that Dogecoin is a better cryptocurrency for everyday transactions. Billionaire and Tesla CEO Elon Musk believes that Dogecoin is better for trading than Bitcoin.
Dogecoin’s price surged more than 10% on Friday after Elon Musk tweeted that Tesla products can now be bought with Dogecoin. Dogecoin enthusiasts were ecstatic when cryptocurrency exchange Binance listed the coin, and many believe Tesla CEO Elon Musk approved the coin in a cryptic tweet. As often happens when Elon Musk pitches coins, the prices of Bitcoin, Ethereum and Dogecoin rose within hours of Musk’s tweet.
Other high performing cryptocurrencies such as Bitgert, Centcex, Dogecoin and others have been bullish and some prices have skyrocketed. This can be seen from the significant price increase published by Dogecoin. Meanwhile, Dogecoin is down about 29% over the last month and about 75% from its high.
Meanwhile, Ethereum (ETH -5.40%) and Dogecoins (DOGE -4.96%) tokens are up around 6.4% and 6%, respectively, over the same period. In January 2014, Dogecoin’s (DOHJ-koyn) trading volume briefly surpassed that of Bitcoin and all other cryptocurrencies combined, however its market capitalization remained significantly lower than that of Bitcoin. 30 billion dollars.
Elon Musk commented on Twitter in July that the Dogecoin refresh could give Dogecoin an edge over the popular cryptocurrencies Bitcoin and Ethereum, and Musk’s meme post in April also pushed up the price of the meme coins. Since then, Tesla CEO Elon Musk has been responsible for raising the price of Dogecoin on several occasions, sharing various dog-themed cryptocurrency-related references and memes on his social media feed. In a January 14 tweet, Elon Musk announced that Tesla is accepting dogecoin meme-inspired cryptocurrency as payment for certain products on its website. Tesla boss Elon Musk called Dogecoin the “cryptocurrency of the nations” in a tweet in 2021, causing it to surge by around 4,000%.
Tesla boss Elon Musk added that unlike investors holding bitcoin rather than selling it, Dogecoin is a currency that “encourages people to spend rather than accumulate value as a store of value.” At the same time, Musk also backed the Dogecoin cryptocurrency on Ethereum, saying DOGE could be used to make decentralized finance (DeFi) easier for everyone. Both are based on the internet meme dog, so their popularity skyrocketed, and even Elon Musk once tweeted that Dogecoin would be the currency on the moon.
Dogecoin was officially released on December 6, 2013 and became an instant hit with the meme-fuelled crypto community. Perhaps among bitcoin, ethereum and other cryptocurrencies, dogecoin is a popular cryptocurrency that has caught the attention of traders around the world. Despite this unusual origin story, Dogecoin’s popularity skyrocketed in 2021: at the time of writing, Dogecoin has become the fifth largest cryptocurrency by market capitalization. Dogecoin’s even more incredible earnings have helped it reach a market capitalization of $23 billion and it is currently ranked 11th among cryptocurrencies.
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