Dogecoin Market Cap Near $ 100 Billion, Critics Blow Up ‘Joke Coin’, Community Full Of Rumors About DOGE Whales – Bitcoin News

The infamous meme-based cryptocurrency Dogecoin is back on the move with Elon Musk right before the upcoming Saturday Night Live episode. While Dogecoin is up 81% today, many cryptocurrency veterans have warned newbies about the digital currency, which was supposed to be a joke. Meanwhile, others believe that Dogecoin has great potential and could be a long-time competitor in the crypto-assets world.

Dogecoin Markets See a surge ahead of the SNL

The cryptocurrency that literally started as a hoax, dogecoin (DOGE), is approaching a market cap of $ 100 billion on Saturday. DOGE is a crypto asset that was developed and launched in December 2013 by software engineers Billy Markus and Jackson Palmer. The Dogecoin logo shows the face of the Shiba Inu dog and the logo is popular because of the original Doge meme that went viral on the internet. Currently, the crypto asset is up 81% in the past seven days and a whopping 1,073% in the last month.

DOGE / USD chart on Saturday, May 8, 2021.

This has gotten a lot of attention, and not only that, but Tesla’s Elon Musk has been tweeting about the Shiba Inu meme coin for a while now. Musk once called Dogecoin his “favorite” crypto, and some people assume he might mention DOGE on the upcoming Saturday Night Live show, which airs May 8th.

Several other celebrities have also said good things about Dogecoin on Twitter, including Gene Simmons, Snoop Dogg, and Mark Cuban. But not everyone is as kind to the Shiba Inu meme-based crypto asset as veterans have warned people about the risks of the asset.

One problem with DOGE is the fact that there are billions of units in circulation and the supply is currently 129,517,138,098 DOGE. Dogecoin can also be mined using ASIC mining rigs. Also, unlike crypto assets like Bitcoin with a hard supply cap of 21 million, the Dogecoin network is inflationary as Jackson Palmer decided to lift the 100 billion DOGE protocol cap. Another reason people don’t like Dogecoin (DOGE) is because of the whales holding the coin.

The mysterious Dogecoin whales and the ‘punchline’

For example, this DOGE address contains 36 billion coins at the time of publication. Some believe the owner is a whale, others believe it could be a trade. The seven best addresses in the dogecoin-rich list own a large part of the offer. The block statistics show that the concentration of large DOGE owners is 65%, which is much higher than most networks. Data for “composition of holders by time held” suggests that Dogecoin holders don’t last as long as assets like BTC or BCH. 54% of DOGE owners have held for over a year and 21% for less than a month, according to Into the Block statistics.

Dogecoin (DOGE) stats as per data from Into the Block and Markets.Bitcoin.com on Saturday, May 8th, 2021.

Many editorials and opinion pieces have been published warning people against investing in Dogecoin. An article published on kiplinger.com with the title “Dogecoin is a joke, don’t punch line” gives the meme-based currency a scathing criticism. Others believe that Dogecoin is the future and that it could actually become mainstream adoption. A recent study published by protos.com shows that some large DOGE whales have “strong hands”.

“Dogecoin’s five largest whales are now sitting on a meme-inspired cryptocurrency valued at over $ 3 billion – up from just under $ 40 million at the beginning of the year,” the report said. “One of the Dogecoin whales that we have named” Bs4 “holds more than 3.1 billion DOGE alone, which at today’s prices corresponds to the equivalent of 1 billion US dollars.”

The protos.com report adds:

Some believe that Bs4 could belong to one of Elon Musk’s sons. The Tesla billionaire tweeted that he bought Dogecoin for his birthday the day after that billion DOGE deposit.

The protos.com study goes on to explain that it tracked five Dogecoin whales and sold two of them. “The other three whales haven’t withdrawn a dog yet. Either they have very strong hands or they have lost access to the associated private keys, ”the report’s author emphasizes. “At press time, these five Dogecoin whales control approximately 6% of Dogecoin supply (approximately 8 billion DOGE),” the protos.com report concludes on April 19th.

What do you think of the Dogecoin craze and the meme coin believers and skeptics? Let us know what you think on this matter in the comments section below.

Tags in this story

Addresses, Doge, DOGE Markets, Doge Price, DOGE Wale, Dogecoin, Dogecoin Price, Elon Musk, Exchanges, Into the Block, Jackson Palmer, Joke Coin, Mark Cuban, Markets.Bitcoin.com, Meme, Meme Coin, protos.com report, Saturday Night Live, Shiba Inu dog, SNL, strong hands, whales

Photo credit: Shutterstock, Pixabay, Wiki Commons, Trade View, Markets.Bitcoin.com, Into the Block,

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