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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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XRP had a minor liquidation of 4.75 million USD over 24 hours, with long traders losing 2.39 million USD while short traders lost 2.37 million USD. Conversely, Dogecoin recorded a total liquidation of 3.73 million USD, where short traders faced greater losses.
XRP is expected to keep a strong position against Ethereum, bolstered by the potential approval of an XRP ETF by the SEC. Market analysts suggest that this approval could further elevate XRP’s performance in the coming months.
According to CoinDCX, Dogecoin (DOGE) could potentially rise to between 2.2 USD and 2.5 USD by 2030. However, a significant bearish reversal is expected to follow this peak, leading to a prolonged downturn in the latter part of the year.
For 2025, CoinDCX forecasts that DOGE may reach around 0.55 USD by mid-year after overcoming current resistance levels. The price currently stands at approximately 0.1559 USD, with the potential for significant fluctuations depending on market conditions.
The Dogecoin team responded to Michael Saylor’s tweet which compared Bitcoin to chess, asserting that Bitcoin is best likened to the game ‘Hungry, Hungry Hippos’, implying market behavior driven by excitement rather than strategic planning.
Bitcoin experienced fluctuations recently, dropping by 3.23% before recovering slightly. Currently, it stands at 83,486 USD following a minor recovery from earlier lows.
Nvidia’s challenges from new US regulations resulted in a 5.5 billion USD charge, dropping its stock value significantly. With Bitcoin surpassing 85,000 USD, many investors are now shifting from US tech stocks to cryptocurrencies, promoting gains in the proof-of-work sector.
As expectations for increased local production of mining equipment in the US rise, investor sentiment toward proof-of-work assets has improved. The PoW sector now has a valuation exceeding 1.7 trillion USD, reflecting resilience against global trade tensions.
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