About 14 Billion Dogecoin (DOGE) Are Being Added to Supply Each Day

About 14 Billion Dogecoin (DOGE) Are Being Added to Supply Each Day

To make it “easier for anybody to invest in crypto, meanwhile, Robinhood lowered the minimum order size from 10 DOGE to 1 DOGE; for Bitcoin and ETH as well, it was reduced to 0.000001 BTC and 0.0001 ETH.

After the price of DOGE surged to 0.4358 on “DogeDay,” it corrected to just under 0.27. As of writing, DOGE is trading around $0.314 with a market cap of $38.75 billion.

At one point, Dogecoin’s market cap became bigger than that of Ford Motor Co. and Kraft Heinz Co. — and nearly equal to Twitter Inc.

Amidst this price action, Robinhood lowered the minimum order size from 10 DOGE to 1 DOGE.

At the same time, the minimum order size for both Bitcoin and Ether has also lowered to 0.000001 BTC and 0.0001 ETH, both worth less than a dollar, to make it “easier for anybody to invest in crypto.” BTC -0.49% Bitcoin / USD BTCUSD $ 55,565.73
Volume 57.22 b Change -$272.27 Open $55,565.73 Circulating 18.69 m Market Cap 1.04 t
13 min Gearing Up For An IPO: BlockFi Adds Former CFTC Chairman ‘Crypto Dad’ to Board 32 min Jackson, Tennessee Mayor Wants to Start A ‘Cryptocurrency Revolution’ in the City 2 h Cathie Wood Continues to Bet Bigger on Coinbase; Deutsche Boerse Delist COIN Due to Code Error
ETH 7.94% Ethereum / USD ETHUSD $ 2,427.87
Volume 40.24 b Change $192.77 Open $2,427.87 Circulating 115.56 m Market Cap 280.57 b
3 h Just Like Price of ETH, Ethereum Usage Is Seeing Consistent Growth 4 h About 14 Billion Dogecoin (DOGE) Are Being Added to Supply Each Day 5 h “Use More Gas” Says PancakeSwap As It Slows Down Due To Binance Smart Chain (BSC) Overload

During the celebration of the day known for pot-smoking, Dave Portnoy also jumped on the Shiba Inu-themed token amidst the frenzy created by social media. But much like Bitcoin, Portnoy just can’t resist buying the local top of DOGE either and bought $25k worth of it.

According to Mike McGlone of Bloomberg, this annoying frenzy is the result of a “perfect storm” of pandemic lock-ups, investors’ ability to speculate around the clock — crypto runs 24/7 unlike the traditional market — and lots of cash in the system.

As we have seen, the younger generation has been using TikTok to push DOGE to the moon and is determined to take it to $1 or even higher.

“There’s a tribe of investors, many of them millennials, who see it as a cause, a movement,” said Antoni Trenchev, the co-founder of crypto-lending firm Nexo. “Dogecoin is symptomatic of the zeitgeist happening before our very eyes.”

However, the biggest issue with DOGE is the concentration of its supply and its emission rate.

As we reported, a handful of addresses own the majority of the DOGE. According to Bitinfocharts, one address has 28.5% of the coin supply.

Moreover, the cryptocurrency that started with 100 billion coins in circulation has annual inflation of 5 billion coins each year, which means about 13.7 million coins are being added to the market each day. As of writing, 130 billion DOGE are in circulation, up from just over 66 billion in April 2014.

This article is Originally posted on CoinCentral.com
Author: AnTy

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