Dogecoin is on fire — it's now worth more than Ford and Twitter
Dogecoin is on fire — it'southward now worth more Ford and Twitter
Dogecoin is now valued at $49.8 billion, with each individual coin being worth around $0.56 at the time of writing. This is the highest value to coin, which originally started equally a joke by software engineers Billy Markus and Jackson Palmer to highlight the ludicrous number of and then-called "alt-coins" springing upward around the world.
However Yahoo Finance reports that the coin is now worth more than Ford ($45.2 billion) and Twitter ($44.1 billion). Information technology's still a baby, in terms of the big names in cryptocurrencies with Ethereum which is worth $381 billion and Bitcoin at $i.one trillion. Dogecoin's value is at present the highest it has ever been.
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Dogecoin'southward new heave is likely to come up, at least in part, from Elon Musk. The Tesla CEO has long had a soft spot for the currency and during his fourth dimension hyping Gamestop stock a few months back was also very excited by Dogecoin. Musk is due to appear on Saturday Night Alive as guest host on May eight and has asked Twitter for sketch ideas. He Tweeted "The Dogefather SNL May 8" on April 28.
The Meme Lord strikes once again! The world will sentinel, the net will interruption... information technology's an offer you lot can't turn down... The #DogeFather - May 8th on SNL! 🚀 motion-picture show.twitter.com/1WD6u6IRuJApril 28, 2021
The other push for Dogecoin and Gamestop was from users of Reddit'due south WallStreetBets. The coin was gathering their attention every bit they attempted to send Gamestop "to the moon" in the parlance of the group. It has been more tranquillity about Dogecoin recently, preferring to assistance Nokia and Rocket Companies stock instead.
While Dogecoin might seem similar an attractive option (this article is not financial communication and should not be used for investment purposes) there are some things to be wary of. Firstly, a bubble similar this could easily collapse, leaving you with just a fraction of the corporeality of money yous put in. Currently there are a very small-scale number of wallets belongings a very large percentage of the total Dogecoin on the market.
This suggests that a least one, or perhaps several people are sitting on very large collections of coins that they may dump when the prices reaches a certain threshold. This would send the value of the coin down dramatically if they sell large volumes. If that happens, the current value of $0.56 might fall significantly, perchance even back to the few cents the currency has been worth for most of its existence.
It also should be noted that Dogecoin is inflationary and was started equally a joke. Unlike Bitcoin, there is no limit. x,000 Dogecoins are produced per minute, making it hard to retain value.
- More: What is SafeMoon? Everything you need to know nearly the fast-growing cryptocurrency
Source: https://www.tomsguide.com/news/dogecoin-is-on-fire-its-now-worth-more-than-ford-and-twitter
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