Dog- £ -Coin fills the news, and this is fun for a token born for 8 years, but almost as a joke. God-E-Coin was born as a parody coin thanks to Jackson Palmer, an Adobe employee, who, in the midst of the early frenzy on virtual currencies reserved for experts, created this currency, with the image of a dog in the logo, probably a Shiba Inu, using a fork of Luckycoin, itself a fork of Litecoin.
The meme with the dog was nice and had, in the beginning, some success. After all, it was unpretentious, mining was simple, much less wasteful of energy than Bitcoin, and its purpose was to pay tips with a less deflationary algorithm than Bitcoin and an emissions ceiling of 100 billion. Dogecoin:
- it's just a payment system;
- does not support smart contracts, such as Ethereum etc.
Here is a chart of value and capitalization from birth
In 2015, the creator Jackson palmer said that he "would take a vacation" and then until 2020 the currency has been living, however with a good capitalization, but no particular activity, if not some gadgets. In 2020, out of nowhere, a TikTok video comes out inviting you to buy $ 25 of Dog-E-Coin. The value went from 0.00023 in June to around 0.004 July, a growth of 20, but it was very deflated in the autumn. Hence the very recent boom
Finally, about ten hours ago, Musk's new twitter, this time much more direct, on DogECoin, and therefore another peak of purchases.
It seems clear that this frenzy is being driven by a group of very good speculators, but it is not clear if Musk is directly involved in it or, simply, is participating in it as a fun game against the financial establishment. The fact is that compared to yesterday DogEcoin was just up + 45%.
The game is nice, as long as you have invested $ 25, but be sure that this boost will wear off as quickly as it is dissolved. Be smart and don't stay with the match in hand.
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/dog-e-coin-chi-sara-a-bruciarsi-le-dita/ on Thu, 04 Feb 2021 18:51:04 +0000.