Before the upcoming episode of “Saturday Night Live” with Elon Musk as the theme, the notorious sound-based cryptocurrency Dogecoin is on the move again. Although Dogecoin is up 81% today, many cryptocurrency veterans have been warning novices about this digital currency, which is a joke. At the same time, others believe that Dogecoin has great potential and may become a long-term contender in the field of crypto assets.
Dogecoin market sees previous rise in SNL
Dogecoin (DOGE) was just a joke at first, and its market value on Saturday was close to $100 billion. DOGE is an encrypted asset developed and launched in December 2013 by software engineers Billy Markus and Jackson Jackson. The Dogecoin logo has the face of Shiba Inu dog, and the logo is very popular because the original Doge meme became popular on the Internet for a while. Currently, the crypto asset has soared 81% in the past 7 days and 1,073% in the past month.
Not only has this attracted a lot of attention, but Tesla’s Elon Musk has been posting Shiba Inu meme tokens on Twitter. Musk once called Dogecoin his “favorite” cryptocurrency, and some people think he might mention Dogecoin in his upcoming Saturday Night Live Show on May 8.
Several other celebrities have also spoken well about Dogecoin on Twitter, including Gene Simmons, Snoop Dogg and Mark Cuban. But not everyone is so friendly to crypto assets based on Shiba Inu Meme, because veterans have warned people about the risks of this asset.
One problem with DOGE is that there are billions of units in circulation, and so far, the supply is about 129,517,138,098 DOGE. Dogecoin can still be mined using ASIC mining equipment. In addition, unlike Bitcoin, which has a hard cap limit of 21 million, the Dogecoin network is inflationary due to Jackson Palmer’s decision to abolish the 100 billion DOGE agreement limit. Another reason people don’t like Dogecoin (DOGE) is that whales are holding coins.
For example, this DOGE address has 36 billion coins at the time of issue. Some people think that the owner is a whale, while others think it may be an exchange. The top seven addresses on the Dogecoin-rich list have a large supply. Entering block statistics, the concentration of large DOGE holders is 65%, which is much higher than most networks. The data of “holding time of holders” shows that the holding time of Dogecoin holders is not as long as the holding time of assets such as BTC or BCH. According to statistics from Into Block, 54% of DOGE owners hold more than one year, while 21% hold less than one month.
Many editorials and opinions have been published to warn people about investing in Dogecoin. An article titled “Dogecoin joke, don’t let yourself be a funny joke” was published on kiplinger.com, which severely criticized this meme-based currency. Others think that Dogecoin is the future, and it may actually become mainstream. A recent study published by protos.com shows that some large DOGE whales are “powerful.”
The report states: “Dogecoin’s five whales are now sitting on meme-inspired cryptocurrencies worth more than 3 billion U.S. dollars, compared to only 40 million U.S. dollars at the beginning of the year.” “We used to call one of the Dogecoin whales “Bs4” “Only hold more than 3.1 billion DOGE, which is equivalent to 1 billion U.S. dollars at today’s price.”
protos.com report added:
Some people think that Bs4 may belong to one of Elon Musk’s sons. The Tesla billionaire tweeted that he bought some Dogecoin for his birthday the day after that billion DOGE deposit.
The protos.com research further explained that it has tracked five Dogecoin whales and two of them have been sold. “The other three whales have not withdrawn any DOGE. The author of the report emphasized that either they have strong hands or they have lost access to the associated private key. The protos.com report was made on April 19. The day concluded: “As of press time, these five Dogecoin whales control approximately 6% of the supply of Dogecoin (approximately more than 8 billion blocks). “
What do you think of the madness of Dogecoin and the believers and skeptics of meme coins? Let us know your thoughts on this topic in the comments section below.
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Picture Credits: Shutterstock, Pixabay, Wiki Commons, Tradingview, Markets.Bitcoin.com, into blocks,
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