Cover News Reporter Shen MengyunOn April 18th, "Gougou Coin has increased by over 400 times in a year" hit the hot search.As a convenient and fun cryptocurrency in the early online community, "Dog Coin" became completely popular
Cover News Reporter Shen Mengyun
On April 18th, "Gougou Coin has increased by over 400 times in a year" hit the hot search.
As a convenient and fun cryptocurrency in the early online community, "Dog Coin" became completely popular. Recently, the trend is about to catch up with Bitcoin.
The underlying framework of Dogcoin is the same as Bitcoin, which was born on December 12, 2013. It is an earlier counterfeit coin with a total issuance of 100 billion yuan and an annual increase of 5%.
Recently, the price of dog coins has fluctuated sharply. On April 15th, the dog coin surged by 50%; On April 16th, it surged again, with a gain of 250% within 24 hours, reaching a maximum of $0.47 per piece, and a total market value exceeding $60 billion at one point
Is "Dog Coin" a New Favorite in the Coin Circle?
The original intention of the origin is mainly for fun and reward
In fact, in the early communities of Dog Coin, the original intention of its founders was to issue a virtual currency with an extremely cheap value and easy to reward for "fun".
Some people also say that the creation of dog coins originated from a "joke". In 2013, the price of Bitcoin skyrocketed, rising from nothing to tens of dollars, and at the same time, emoticons about DOGE soared. Jackson Palmer, the founder of Dogcoin, bought Dogecoin.com, founded by BillyMarkus, to mock Bitcoin and benchmark Bitcoin's official website.
The dog coin, as a full counterfeit coin, even its code comes from Litecoin. However, the joke didn't go unnoticed, and subsequently, some supporters also accumulated in the community with Gougou Coin. In 2018, the price of dog coins began to rise along with other popular digital currencies.
Afterwards, Gougou Coin found its place in the popular online community of reward culture and became a relatively well-established counterfeit coin in the community.
At the beginning of 2018, at the end of the Bitcoin bull market, the price of dog coin of 1% driven by the market foam and the slogan of "Buy dog coin in the year of the dog" made dog coin popular again.
This year, Musk called for a single dog coin, pushing the dog coin that the mainstream in the coin industry did not pay much attention to to to the forefront, and pushing the price of dog coins to an unprecedented level.
Some netizens are buying for the beautiful logo
Expert: Without relevant technological innovation, investment risks are high
At the beginning of this year, the initially unknown dog coin entered the public eye due to its explosive rise. Young people who had no knowledge of the coin industry before entered the market with a curiosity mentality due to low barriers and other reasons.
Some netizens even said, "At that time, buying dog coins was purely because I thought its logo looked good." This player also said that around 2017, he used his spare money to buy over 10000 dog coins.
The soaring price of dog coin has also triggered concerns about the potential foam in the cryptocurrency market.
Regarding this, Liu Chang, director of the Blockchain Economy Research Center at Chongqing University of Business and Technology, analyzed that currently, Dogcoin should have been overestimated, and Musk's influence has been fully reflected in the price. Gougou Coin has an annual issuance of 5 billion yuan, and the higher the price, the greater the selling pressure on the market. However, Gougou Coin does not have relevant technological innovation, mainly relying on its original social foundation and celebrity influence, and its long-term competitiveness is insufficient. Overall, the hype of Gougou Coin is almost at its peak, with high investment risks
At the same time, market participants believe that the recent surge in dog coins is closely related to Musk's previous tweets. In addition, the recent listing of Coinbase, the largest cryptocurrency exchange in the United States, has also driven market heat.
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