Dogecoin gains 25% in a week! What is behind the move?
Popular cryptocurrency meme token Dogecoin ($DOGE) recorded record 25% gains in the last week as Twitter CEO continued to update his followers on what the future might have in store for the popular social media platform.
As well as the distinct possibility of Dogecoin being used for micropayments on the site, Musk was quick to remind his followers that all being well, lunar satellite DOGE-1 will be going in to orbit in the first part of the new year.
Alongside other lunar payload IM-1/NOVA-C, DOGE-1 is to catch a ride with the SpaceX Falcon 9 which is set to take off from the Kennedy Space Centre, Florida on January 14th 2023.
The Doge moon mission was first announced by Elon Musk in May 2021 but delays related to the IM-1 lunar lander have mean that the project has been pushed back. The renewed interest seems to be behind last week’s surge in the price of Dogecoin.
Improved efficiency
The price of Dogecoin currently stands at $0.094 which with a market cap of $12.5 billion makes the coin the 8th most popular cryptocurrency in the world today. Despite a recent drop of 4.5% over the last 24 hours the price action for Dogecoin over the last 7 days makes the coin one of the top movers in the past week.
Elon Musk’s relationship with Dogecoin is well documented with previous tweets by the newly installed Twitter boss having a profound and immediate impact on the token price. As recently as 25th November Dogecoin rose over 8% in as little as 24 hours after popular cryptocurrency podcast host David Gokhshtein told his 700,000 followers that he believed that Ethereum co-founder Vitalik Buterin would soon be working alongside Elon Musk to improve the efficiency of Dogecoin.
Interestingly, Mr Buterin commented that Dogecoin developers ought to think of transforming to a Proof of Stake based blockchain in September 2021 stating that the current Ethereum code can be easily used for such a transition.
Micropayment
How the future pans out is anyone’s guess but given recent events it may be safe to say that the future looks bright for DOGE. If the launch of the Doge-1 lunar satellite goes according to plan together with the much discussed possibility of DOGE being accepted as a micropayment option on Twitter then we may begin to see Dogecoin exceeding its record highs of $0.68 which were recorded in May 2021.
Of course, any price rise must take into account macro economic factors and the rising rates of global inflation but safe to say, Dogecoin is one of the most funny projects in cryptocurrency right now.
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You can’t leash the DOGE
When ideas and community purpose matter more than the last fin-tech innovation.
Dogecoin is a cryptocurrency, a form of digital money that like bitcoin, enables peer-to-peer transactions across a decentralized network.
If you’ve spent any time on the internet during the last decade, you shall have heard of the Doge meme: the iconic Shibe, barking comic sans quote like, “so scare,” “much noble,” “wow.”
At the peak of the meme’s popularity near the tail end of 2013, Palmer, an Australian marketer for one of the world’s largest tech companies, made a joke combining two of the internet’s most talked-about topics: cryptocurrency and Doge.
It was a joke taking aim at the bizarre world of crypto and at the recent coin-naming hype.
“Investing in Dogecoin,” Palmer tweeted, “pretty sure it’s the next big thing.”
And the tweet got a lot of attention.
So the joke became a true play.
He bought the Dogecoin.com domain and uploaded a photoshopped Shibe on a coin. Adding a note on the site: If you want to make Dogecoin a reality, get in touch.
And this is just the tip. So, If you are interested in knowing the greatest detail of Dogecoin history, we bet you’ll like this article by Alex Moskov published at CoinCentral.com
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HolyTransaction add-on for cryptocurrencies exchange rates
Recently we at HolyTransaction created a new add-on for the Firefox browser only to see the exchange rates for cryptocurrency pairs.
How to dowload the add-on
- Click on the Firefox Menu at the top right of the toolbar;
- Click on “Add-on”;
- Write “HolyTransaction” in the search at the top right of the page;
- Click on “Add-on” on the left menu;
- Click the “Download” button next to the HolyTransaction add-on.
- You will find the exchage rates window at the top right of your toolbar.
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Infographic: Comparing Altcoins
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HolyTransaction releases Telegram Bot with Instant Cryptocurrency Conversion
Bot Commands:
/exchange
- ● Conduct a trade between any of our supported currencies on the HolyTransaction platform.
/getnews - ● View the most recent cryptocurrency news.
/rate - ● Receive details on the current price of any of our supported currencies.
/currencies - ● List currencies available on the platform.
/help● List of BOT commands
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HolyTransaction partners with Netki for human-readable address
Wallet addresses are one of the most aggressive barriers to the mass adoption of digital currency. Trying to explain these lengthy, case sensitive, intimidating strings of numbers and letters to the uninitiated is a daunting task. Much of the general population values simplicity over function, and in this regard wallet addresses seem scary and overly complex.
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Does Dogecoin have the most active community?
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McShibe! McDonalds Dogecoin burger approved for judging
Back in May, the Dogecoin community decided to take advantage of a competition McDonalds was hosting and tried to add a Dogecoin themed burger to the McDonalds menu. The competition is simple: design a burger online, pick the ingredients, and name it. The top voted burgers would be selected for judging and the winning burgers would sold in McDonalds restaurants for a week.
Early Troubles
Initially, multiple variations of the “Dogecoin” burger were submitted for entry. Examples include the McDogecoin, the McDoge, and the Doge Burger. Despite having been voted to the top, McDonalds had to remove most of these entries due to the name. In hindsight, this decision makes a lot of sense. Some customers (especially those who aren’t aware of the Doge meme) would find it very strange if McDonalds started selling “Doge” burgers all of a sudden.
Redemption
Of all the entries, the McShibe burger was the most tame and an announcement earlier today disclosed that McDonalds had selected the burger and invited the contestant to the kitchen.
Details
The judging will be held on June 29th and 11 other finalists will be invited. Of these 11, judges will select the top 5. These top 5 burgers will be made available on the UK McDonalds menu for a period of one week each.
Conclusion
Well — I guess we can add this to the eternal list of amazing things Dogecoin has done. It remains to be seen whether or not the judges will actually select the burger (or how good it actually tastes). Hopefully one of the judges is secretly a Shibe.
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Bitcoin, Dogecoin, and the Blockchain
What is the Blockchain?
{
"txid": <a unique transaction identifier>
"inputs": <an array of inputs>
"outputs": <an array of outputs>
"tx_hex": <transaction content as a hexcode string>
"blockhash": <a unique block identifier this transaction belongs to>
"time": <the time this transaction's block was processed>
"confirmations": <number of blocks that confirmed this transaction>
}
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