The financial market is a very complex industry with many different branches, such as forex, stocks, crypto, and many others. The crypto industry has been very popular recently, mainly due to the fact that during the global covid pandemic many people tried to become involved in the industry in the hope to generate some financial profits.
There have been many assumptions made about the whole industry, where some of them are true. For example, the prices of the coins are very volatile and the profits are more difficult to make, or vice versa, this can be viewed as a positive sign as well. One of the most popular coins for the last few months has been Dogecoin, which was created initially as a joke, but its popularity was massively increased after Elon Musk tweeted about it.
The price of Dogecoin has risen after Elon Musk backed a change in transaction fees
The price of dogecoin has risen once more after Elon Musk endorsed fresh proposals to drastically reduce transaction costs. After earlier advocating for dogecoin by becoming the internet’s cryptocurrency, the mega-rich Tesla CEO stated it was essential to support the idea. A basic transaction’s average cost would be reduced by roughly 100 times under the idea.
However, a word of caution: purchasing any cryptocurrency is a highly hazardous endeavor. They’re very volatile, which means your money may go up or down in a matter of seconds – and you must be prepared to lose all of it if things go wrong. Make sure you’ve done your homework and never invest in anything you don’t have comprehensive information about.
A dogecoin core contributor, Ross Nicoll, tweeted about the fee reduction campaign, to which Musk responded that it was essential to support. After Musk’s brief statement on his 57.6 million-follower Twitter account, Dogecoin’s price surged 8%.
Currently, one doge is the suggested cutoff point for sending a doge transaction. Patrick Lodder, the developer behind the ambitious plan, hopes to reduce this figure to only 0.01 DOGE. He stated that the modifications will keep the network healthy by reducing average costs 100x for typical transactions on the Dogecoin chain. The coin is becoming implemented in many different services and is almost as widespread as BTC, for example in the entertainment industry there are Dogecoin Casinos online as well as there are BTC online casinos. Following Musk’s post, the price of doge has risen to $US0.261, according to cryptocurrency statistics company CoinMarketCap.
Billy Markus, who goes by the Twitter moniker Shibetoshi Nakamoto, is a co-creator of Dogecoin and has endorsed the idea. He reminded the cryptocurrency community that, following a spam campaign in 2013, he decreased the charge model to 1 doge.
Every Doge Has Their Day: Dogecoin Founder Buys DOGE Back
After an eight-year break from digital currencies, Bill Markus, one of the creators of Dogecoin, has disclosed that he has finally purchased back into Dogecoin. According to the creator, he had promised himself that he would never acquire another digital currency. However, it appears that Dogecoin’s success has eroded his determination. The creator just acquired some Dogecoin, breaking his own pledge.
He made the news on his Twitter account. And he’s still documenting his experience through his Twitter account. Mostly, I’m tweeting jokes about checking the price many times. During the price drop, he re-invested in the currency. It was interpreted that the count was on the mend.
In 2013, Markus and his friend Palmer developed the coin as a prank. They had taken the currency from Litecoin and forked it. It was a joke directed at bitcoin and the nascent crypto industry at the time. Early on, they both sold their coin holdings. Since then, he has taken a step back from the programming side of things. Markus is well-known for claiming that he liquidated his Dogecoin holdings to buy an ancient Honda.
Clearly, none of them anticipated the currency going anywhere. And it didn’t for a time. Dogecoin now has a market valuation that exceeds that of Honda. The inventor has made no secret of his remorse overselling his crypto assets in 2015. Markus had sold all of his Dogecoins and other cryptos at the time since he had been laid off and was in financial trouble.
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