Dogecoin Collapses 17%, DOGE Co-Founder Responds to Price Drop: Details
Dogecoin founder Billy Markus believes that despite the current declines, nothing has changed in Dogecoin. He claims that Dogecoin is still the same Bitcoin fork with a funny yellow dog mascot regardless of the price.
whether people want to buy it for just a fraction of a cent, or whether they want to buy it for 72 cents, dogecoin itself is the same bitcoin fork with a funny yellow dog mascot
— Shibetoshi Nakamoto (@BillyM2k) February 24, 2022
Markus, in an earlier tweettells how DOGE was created more than eight years ago as a real-life meme poking fun at “idiotic coins.”
Image credit: CoinMarketCap Data
As seen on CoinMarketCap, the cryptocurrency market collapsed on Feb. 24 to widespread selling pressure, with most altcoins falling more than 10%. Dogecoin fell nearly 17% to hit an intraday low of USD 0.106, before a slight rebound. Despite the price dip, DOGE’s profitability remains at 50% per year IntoTheBlock statistics.
The IntoTheBlock Holder Composition by Time Held also suggests that half or 50% of Dogecoin holders are like medium-term investors. Forty-five percent of holders have held their LINK tokens for more than a year, while barely 6% have held them for less than a month.
Dogecoin price and adoption
At the time of writing, DOGE is trading at $0.113 per token, the 12th largest cryptocurrency by market capitalization according to CoinMarketCap data, despite a 17% drop on the day.
Billy Markus, co-founder of Dogecoin, recently took to Twitter to share that a new fast food restaurant has sprung up in Dubai, inspired by the original meme cryptocurrency, and that it now accepts DOGE as payment for burgers and soda.
Sling TV, a streaming TV provider based in the United States and a wholly owned subsidiary of Dish Network, recently announced that it will use cryptocurrencies via BitPay. Subscribers to the virtual TV provider can now pay for their subscriptions with cryptocurrencies, such as Dogecoin via BitPay.