Not Just The Doge Army, Those Minting Dogecoin Have Struck Gold With The 6,600% Rise Of Shiba Inu Too – Benzinga
Dogecoin (DOGE) miners have seen revenues rise over 4,000% with the joke cryptocurrency seeing a massive spike this year, CoinDesk reported Wednesday.
What Happened: Daily revenue of DOGE miners touched a record high of $3.6 million on Apr. 26, which is a 4,775% increase from Jan. 1 when it was at $77,000, according to ByteTree data, as reported by CoinDesk.
The Shiba Inu-themed cryptocurrency has soared 6,621.48% this year, beating the apex cryptocurrency Bitcoin’s (BTC) 88.65% year-to-date gains. BTC traded 1.6% lower at $54,575.23 at press time.
ByteTree Chief Information Officer Charlie Morris pointed out the tighter supply of the coin and said “I suspect many people who owned it a few years ago have forgotten, leading to tighter supply than perceived,” according to CoinDesk.
Bitcoin bull Mike Novogratz said the market was in a frenzy caused by the listing of Coinbase Global Inc (NASDAQ:COIN) and that has pushed prices of DOGE and XRP (XRP) higher, Marketwatch reported.
“I’ve seen a lot of weird coins like dogecoin and even XRP have huge retail spikes, which means there’s a lot of frenzy right now.”
XRP traded 5.96% lower at $1.33. The cryptocurrency has gained 510.04% so far this year.