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Large transactions of the meme-inspired cryptocurrency Dogecoin ($ DOGE) jumped 148% shortly after Tesla CEO Elon Musk announced that the company was going to accept DOGE payments for goods.
As first reported by Benzinga, data from Into The Block shows that Dogecoin posted 148% growth in “large transactions”, defined as transactions on the blockchain with a value in excess of $ 100,000. Musk’s statements.
The Benzinga report also notes that market participants quickly shared positive sentiment regarding cryptocurrency on social media, which saw DOGE’s social dominance on platforms grow 54% in the last 24 hours.
Dogecoin whales can also move funds based on a recent statement from the DOGE developer, who said that he managed to create the first non-playable token (NFT) on the Dogecoin blockchain and published a transaction during which he mined it.
The developer noted that on the Dogecoin blockchain, the cost of mining NFT was only 0.01 DOGE, which at the time of this writing was less than one cent. The developer described the mining process, saying that he used SHA-256 hash functions to mine the NFT and store it on Checksum.
Search interest in Dogecoin exploded during a massive 10,000% rally in the cryptocurrency price earlier this year, growing from an average of 135,000 monthly searches in April 2020 to 16.5 million in April 2021.
Dogecoin was created in 2013 as a joke. The cryptocurrency community is known for pursuing philanthropic projects that included helping charities. It made headlines in 2014 after raising over $ 25,000 at DOGE to allow a Jamaican bobsled team to compete in the Sochi Winter Olympics.
Tesla CEO Elon Musk also said this week that he considers Dogecoin to be more convenient for transactions than other crypto assets such as Bitcoin. The CEO also revealed that Tesla is about to start accepting payments in Dogecoin for goods.
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