With the Ethereum merge now accomplished and the highest blockchain for NFTs and decentralized purposes switched to a proof-of-stake system, Dogecoin is now the second largest proof-of-work coin after Bitcoin 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 implies miners use computer systems, and a substantial quantity of power, to resolve advanced mathematical equations, validating transactions and receiving DOGE as a reward.
Each day, miners extract roughly 14.4 million DOGE, based on 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 may ever exist, Dogecoin has no cap.
Lately, Dogecoin has discovered itself an unlikely champion on the planet’s richest particular person, Tesla founder Elon Musk, who has tweeted concerning the coin going again so far as 2019, and has induced the price of Dogecoin to pump on a number of events.
I’ll hold supporting Dogecoin
— Elon Musk (@elonmusk) June 19, 2022
However not even Musk’s assist might save Doge from the tough crypto winter. Presently, Dogecoin is buying and selling at $0.05, down from an all-time excessive of $0.73 on Could 8, 2021, the identical day Musk appeared on Saturday Night Live. That’s a decline of 91.89%.
Final month, cryptocurrency trade and ATM firm Coinme introduced the addition of Dogecoin to the checklist 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.