Dogecoin: why DOGE is so popular
Revealed the reasons for the hype of "Dog's coin" by Elon Musk
Aug 26, 2021
1 min read
Anna BakkerNews analyzer

The growth dynamics of the Dogecoin (DOGE) cryptocurrency is amazing, in 2021 its price increased 82 times, not without the help of the hype caused by Elon Musk's tweets.

But Tesla's CEO isn't the only one driving DOGE's growth. A lot of interest in this cryptocurrency comes from novice traders.

In a very short time, an unknown cryptocurrency has gained popularity among Robinhood traders.

Similar dynamics are observed on other platforms. For example, the trading volume of DOGE on the Coinbase exchange significantly exceeds the trading volume of ETH.

Dogecoin received a surge in popularity thanks to tweets from Elon Musk, after which the Dogecoin brand became more popular than Ethereum.

Trading platform Robinhood recently reported that cryptocurrency commission income is already 41%, compared to just 17% in the first quarter. It should be noted that commissions for operations with DOGE account for 62% of the total volume for cryptocurrencies, in the first quarter it was 34%.

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However, experts believe that Dogecoin is more of a marketing project than a technology and its value as a reliable medium of exchange is greatly exaggerated.

The main advantage of this coin in the amount of commission is 1 DOGE, however, the block creation time is 1 minute, for comparison in Bitcoin - ten, but in Ethereum, only 12.5 seconds. There is inflation (in bitcoin there is a deflationary model, in Ethereum after the London hardfork - inflation has noticeably decreased). There are questions about network security and keeping the code up to date.

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