Despite the environmental concerns regarding the Proof-of-Work (PoW) mechanisms, mining profit is increasing and has been breaking records recently. On the 13th of November 2021, the Dogecoin cryptocurrency miners surpassed $1 billion in total mined income.
According to CoinMetrics, a data analytics website, more than $1 billion worth of Dogecoin has been mined until today. This translates to remarkable growth in mined income during 2021 when compared to 2020. Back in May 2021, only about $150 million worth of Dogecoin had been mined. While on the 1st of January this year, the all-time miner revenue was $108 million.
Many people believe that this growth is closely related to the increased popularity of the coin. This is a logical assumption, seeing how the total mined income has experienced an x10 from the time Dogecoin (DOGE) hit its current all-time high. At the time of writing more than $1.09 billion worth of Dogecoin have been mined.
Dogecoin Price History
When we compare it to the all-time miner revenue of Ethereum, we can see that the revenue of ETH miners is around 18 times bigger. Similarly, when we compare the market capitalization of both cryptocurrencies, we can see that Ethereum’s market cap is around 21 times bigger than that of Dogecoin.
Dogecoin hit its current all-time high of $0.73 on the 8th of May. At that time, Dogecoin’s market capitalization was sitting at $88.68 billion. This put Dogecoin in the top 5 biggest cryptocurrencies regarding market capitalization. At the time of writing, Dogecoin has a trading value of $0.17 and a market capitalization of $22.33 billion.
Why is Dogecoin Trending in Google News?
The cryptocurrency market has experienced the biggest growth ever during 2021. The overall market capitalization of this industry nearly surpassed $3 trillion some weeks ago. Dogecoin was, and still is, one of the most trending memecoins.
Although this cryptocurrency is the first-of-its-kind, that was not the only reason why it got so much attention. Elon Musk, the CEO of Tesla, continuously tweeted about Dogecoin. The CEO of Tesla began tweeting about Dogecoin back in 2020, and ever since his first doge-related tweet, the price of Dogecoin only saw green days. As a result, Dogecoin became one of the biggest ever cryptocurrencies.
Tuition is in Dogecoin & u get a discount if u have a dog
— Elon Musk (@elonmusk) October 31, 2021
Whatever goes up must come down they say, and so did Dogecoin. The price of Dogecoin fell after reaching its current all-time high and it has been falling ever since. However, the attention this coin is getting is still very high. Recently, Musk tweeted that he is planning to open a university which only accepts payments in Dogecoin. This might have played a role in why Dogecoin is trending in Google News.