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Information about Dogecoin (DOGE)
Dogecoin (DOGE) is an open-source, peer-to-peer cryptocurrency with a Shiba Inu dog logo. After being born in 2013, Dogecoin quickly grew with its community and reached a breakeven of $60 million in January 2014.
Billy Markus, a software developer at IBM who wanted to create a digital currency but was struggling, discovered Dogecoin and contacted Palmer to build software behind Dogecoin. Jackson Palmer and Billy Markus launched the coin on December 6, 2013. Just two weeks later, on December 19, the value of Dogecoin increased by 300%.
Markus built Dogecoin on top of Luckycoin, derived from Litecoin and used initially as a random reward for block mining. Dogecoin uses Litecoin’s encryption technology and is a Proof-of-Work (PoW) coin.
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The cryptocurrency market experienced significant liquidations totaling 468.45 million USD in just 24 hours, affecting 131,342 traders. Dogecoin (DOGE) alone accounted for 11.26 million USD worth of liquidations, corresponding to 71,190,773 DOGE lost.
Short traders faced substantial losses amounting to 6.81 million USD, contrasting with 4.45 million USD lost by long traders. This imbalance highlights the risks of betting against DOGE’s price movements.
Amid these liquidations, DOGE’s price increased by 6.6% to 0.1560 USD, catching many investors off guard. Additionally, its market cap rebounded to 23.34 billion USD, supported by future plans for a Dogecoin exchange-traded product.
21Shares has successfully launched its Dogecoin ETP on the SIX Swiss Exchange, providing traditional investors access to the Dogecoin market. This significant step marks a growing acceptance of meme coins in Europe compared to the cautious regulatory approach in the United States.
Despite the ETP’s launch, Dogecoin’s value decreased by almost 3% recently, trading at approximately 0.15 USD. This situation highlights the volatility of meme coins even amid institutional backing.
Selective memecoins are positioning themselves as risky yet rewarding hedges against a declining market, as traditional assets struggle to maintain value.
Despite Bitcoin’s considerable market cap losses, Fartcoin saw an impressive monthly gain of 134.41%, demonstrating resilience in a turbulent market.
Investors appear to pivot towards emerging, high-growth memecoins, indicating a strategic shift in seeking potential high returns amidst volatility.
DOGE’s mission involves supervising government communications for hostility towards President Trump, raising alarm over possible breaches of federal record-keeping laws due to their usage of the Signal messaging app.
A federal judge has ordered DOGE to provide records to an ethics watchdog following scrutiny over its secretive practices. Experts caution that such operations can undermine ethical standards and data security in government.
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