Dogecoin Bonanza – Reddit users pump price 250% in one day
Reddit users from a new sub-forum, SatoshiStreetBets, have started pumping up the cryptocurrency Dogecoin by several hundred percent. The idea is that the currency, which originally started as a joke, will be the equivalent of Gamestop. CNBC reports.
Satoshi is the pseudonym for the mysterious founder, or founders, of Bitcoin, and the subforum’s name is thus a reference to this.
Reddit users pumped-up value in Gamestop – Dogecoin might be their next project.
Dogecoin notes an increase of almost 250 percent today, according to data from Coinmarketcap. The most recent price was $0.038 per unit. Earlier in the morning, the rise was even greater.
The future of Dogecoin
Cryptocurrencies have undergone amazing growth in the recent past. Dogecoin is one of the cryptocurrencies that have grown significantly. In fact, it has hit an all-time high within the first two months of 2021. The massive support from Tesla’s Elon Musk and other celebrities like Mark Cuban could boost investors’ confidence. Conclusively, dogecoin is expected to grow in 2021 through 2024.
Quick info on Dogecoin
Similar to bitcoin, dogecoin was designed to be a type of currency, it is not capable of “facilitating smart contracts” or “turing complete” like ethereum. Dogecoin is often used to tip internet users who create or share digital content. Its market capitalization exceeded $1 billion in 2018.
- Transaction processing
Dogecoin’s block time is approximately 1 minute — significantly faster than bitcoin’s average of 10 minutes.
- Launch & issuance
Dogecoin was launched in December of 2013. At the time none of the cryptocurrency’s supply was set aside to incentivize the founders. The software was instantly made available for use, and those who wanted to mine the cryptocurrency were able to compete for rewards.
- Network design
As mentioned, dogecoin is a fork of the luckycoin blockchain. The developers were able to copy the Luckycoin software because it is an open-source protocol. Unlike bitcoin, however, dogecoin uses the scrypt mining algorithm, which has lower hash rates and uses less energy than bitcoin’s SHA-256 mining algorithm.