According to information provided by crypto intelligence platform Coinmetrics, miners of Elon Musk-backed cryptocurrency Dogecoin (DOGE) earn nothing less than $6 million daily. This goes to say that not only investors of Dogecoin are raking in millions from their investment in the joke currency; miners as well are earning million from generating new coins and confirming transactions, and this happening irrespective of the 2021 rally.
The total 30-day average mining revenue for the Elon Musk backed cryptocurrency between January 1st and June 3rd stands at $259.33 million. Dogecoin has surged 9,400 percent YoY and has benefitted from the movement in the crypto market as well as Elon Musk’s influence. In fact, Elon Musk’s influence portrayed mostly through tweets is one of the major reasons why Dogecoin jumped the way it did. Dogecoin has grown enviably well and according to a report there exists 2,866 dogecoin wallets with at least a million dollars in it.
Dogecoin was invented by software engineers Billy Markus and Jackson Palmer. They wanted to create a payment system that would be fun among other things that payment systems are traditionally known for. Dogecoin uses the face of the famous Shiba Inu dog from ‘Doge’ meme as its logo and is namesake to this famous dog. The coin was introduced on December 6, 2013. An online community supporting the coin was also birthed and as at January 28th of this year, DOGE has a market capitalization of over $5 billion.
Dogecoin has seen its own ups and downs but it still continues to break new ground. Dogecoin, and cryptocurrency in general, will continue to break more grounds as the world continues to shift fully towards the benefits of using cryptocurrency to hold money, store wealth and pay for transactions. According to Coinmarketcap, Dogecoin, as at today, is the sixth most valuable coin by market capitalization.