(GNB Desk): Tesla boss and Billionaire Elon Musk said on Sunday that too much concentration of Dogecoin among its major holders is the only “real issue,” and he would support them if they sell their coins.
“If major Dogecoin holders sell most of their coins, it will get my full support,” Musk said in a tweet. “Too much concentration is the only real issue imo (in my opinion).”
“I will literally pay actual $ if they just void their accounts,” he later added.
Musk’s tweeting spree has involved several posts about Dogecoin. He said last week he bought some of it for his 9-month-old son, prompting a 16% surge in its price. “Bought some Dogecoin for lil X, so he can be a toddler hodler,” Musk tweeted, referring to the slang term “hodl” which is recognized in the crypto community as holding rather than selling.
Dogecoin fell 14% to 5.5 cents on Monday, although it has seen multiple highs this year sparked by Musk’s tweets on the cryptocurrency. The meme-based token rose to an all-time high of 8.4 cents last week, up from about 1 cent at the start of 2021. It is now the 13th-largest cryptocurrency with a market cap of about $7 billion, according to data from Coin Gecko.
What Is Dogecoin?
Dogecoin (DOGE) is based on the popular “doge” Internet meme and features a Shiba Inu on its logo. The open-source digital currency was created by Billy Markus from Portland, Oregon and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013. Dogecoin’s creators envisaged it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience, since it was based on a dog meme. Tesla CEO Elon Musk posted several tweets on social media that Dogecoin is his favorite coin.
How Do You Mine Dogecoin?
Dogecoin differs from Bitcoin’s proof-of-work protocol in several ways, one of which is by using Scrypt technology. The altcoin has also a block time of 1 minute, and the total supply is uncapped, which means that there is no limit to the number of Dogecoin that can be mined. You can mine Dogecoin either solo, or by joining a mining pool. A Doge miner can mine the digital currency on Windows, Mac or Linux, and with a GPU. As of 2014, you can also mine Litecoin in the same process of mining Dogecoin, as the processes were merged.
What Can Dogecoin Be Used For?
Dogecoin has been used primarily as a tipping system on Reddit and Twitter to reward the creation or sharing of quality content. You can get tipped Dogecoin by participating in a community that uses the digital currency, or you can get your Dogecoin from a Dogecoin faucet. A Dogecoin faucet is a website that will give you a small amount of Dogecoin for free as an introduction to the currency, so that you can begin interacting in Dogecoin communities
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