![]() Jackson Palmer's outburst temporarily affected DOGE prices, but Dogecoin has experienced a six-year high in mining profitability. He suggested the public is being taken for a ride and losing money by falling for what he considered a crypto scam. It didn't help that Jackson Palmer publicly announced that the cryptocurrency market is false, created by and for the rich fat cats. Most of the cryptocurrency market dropped by 50%, at least during this period. In April 2021, DOGE hit a high of $0.64 before plummeting to a low of less than $0.17. DOGE price increased by 40%, and indeed, over the last year, the price of DOGE grew by 3,200%. Musk has made no secret of his interest and intended involvement in Dogecoin, and, as a significant investor, followers responded to his tweet. He said, "Working with Doge devs to improve system transaction efficiency. Earlier last year, Elon Musk, CEO of Tesla, wrote a tweet implying support for Dogecoin. But how easy is it to mine DOGE, and how do you mine Dogecoin?Ĭryptocurrencies are reactive to media coverage. But from such a lighthearted beginning, somehow, Dogecoin developed a band of loyal global fans, and today, DOGE is the #12 listed crypto coin with a market cap of $20 billion.ĭogecoin made a spectacular headway in 2021, with an increasing number of miners joining the network. In December 2013, Software engineers Jackson Palmer and Billy Markus founded Dogecoin to be as ridiculous as possible, and they used the image of a Japanese dog called a Shibu Inu. Dogecoin (DOGE) started as an internet joke.
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