CoinDesk & Yahoo Finance reported that Dogecoin rose 3.9% to $0.11 before dropping 1.2% in early morning trading on Thursday. The most valuable cryptocurrency, Bitcoin, rose by 3.4 percent at the start of the day and is now up by 0.2%. In today’s trading session, Ether, the native coin of the Ethereum network, increased by 0.3%.
“According to the recommendations in this thread, it is generally preferable to own tangible assets such as a home or stock in companies that you feel generate high-quality goods instead of cash during a period of rapid inflation,” Musk stated on Twitter.
“To be clear, I’m still holding on to my Bitcoin, Ethereum, and DOGE holdings, among other things,” he continued.
Elon Musk, the CEO of Tesla, responded to a question on Twitter about what he expected the inflation rate to be in the next few years, estimating a rate of 2%.
5 Fun Facts About Dogecoin
The 50-year-old entrepreneur explained last year why he decided to back Dogecoin despite previously claiming to have worked with its developers, as stating Dogecoin was his favorite crypto.
“Many folks I talked to on the Tesla assembly line or manufacturing rockets at SpaceX own Doge,” Musk tweeted.
“They aren’t bankers or techies. That’s why I chose Doge – it’s the people’s crypto.”Source: Marca
Here are some interesting facts about Dogecoin you might not have know:
- Dogecoin was made in 2 hours.
A user asked Billy Markus how to make the coin more efficient. He made Dogecoin in 2 hours and didn’t think about it.
- Highest Price and Market Cap
Dogecoin’s all-time high price is $0.74. It happened on May 8, 2021. On that day, its market cap reached $93 B.
- Shiba Inu on Dogecoins Logo A hunting dog
The Inu Shiba. Following the launch of Dogecoin, several coins featuring dogs appeared. Corgi Token is based on the popular Corgi breed of dogs. This coin is an Ethereum-based “decentralized community-based cryptocurrency”.
- Over 500 People Are Actively Mining DOGE
Over 500 individuals are presently mining dogecoin on the most popular mining pool website. The project was a big success, prompting the pool’s developer to look for a new server.
- DogeCoin was a prototype
Dogecoin was designed as a prototype for Luckycoin, a Litecoin-based coin.