Dogecoin, the dog meme-based cryptocurrency, saw a value increase of more than 900% in one week, with Bitcoin losing half of its value.
The value of the Dogecoin cryptocurrency rose more than 900% in one week, causing Bitcoin to fall 50%.
Dogecoin was developed in early December and is one of a growing number of cryptocurrencies that function similarly to Bitcoin. They are all decentralized and not supported by any country or bank. They can be exchanged online for fiat currencies such as dollars and pounds sterling.
Although each Dogecoin is worth only a fraction of a Bitcoin – and actually a fraction of a dollar – the currency saw massive growth, while Bitcoin, Litecoin, and most other cryptocurrencies saw heavy losses sparked by the Chinese central bank’s decision to finance to ban services from trading Bitcoin.
Dogecoin is the ninth most important cryptocurrency with a market capitalization of USD 9.5 million (GBP 5.8 million). This is minor compared to Bitcoin valuations of $ 8.3 billion and Litecoin of $ 494 million, but Dogecoin reluctance to follow its downtrend is interesting.
Dogecoin has appreciated 935% in value in seven days, and its users are hoping that it will soon be more valuable than some real currencies like the Zimbabwean dollar.
The value of Dogecoin rose more than 900% in a week, causing Bitcoin to lose half of its value.
One thousand Zimbabwean dollars is currently worth around $ 2.76 while the same number of Dogecoins were worth $ 1.28 at their peak, but the currency has dropped to $ 1.07 per thousand coins at the time of publication.
Currently, 9% of the 100 million Dogecoins have been mined, but as with Bitcoin, extracting the coins becomes more difficult – and therefore slower – over time.
Dogecoin – the bottom line – saw significant growth while other cryptocurrencies suffered.
Almost all 53 cryptocurrencies covered by CoinMarketCap have seen growth ranging from modest growth of less than 10% to strong growth of more than 100% in the last 24 hours. Only six of the 53 currencies had depreciated within 24 hours of this article’s publication.
Although Bitcoin is currently around $ 700 per coin, it has fallen significantly in the last week from a high of $ 1,200 – a decline that can be attributed to measures taken by the Chinese central bank, which is effectively preventing its citizens from to use the currency.
Considered the world’s largest Bitcoin exchange, BTC China was forced to ban its users from depositing funds after its payment processing partners abandoned it for fear of being reprimanded by the central bank for handling Bitcoin.