Despite price stagnation, Dogecoin miners surpass $1 billion in revenue

The meme-coin saga that started with the OG Dogecoin lengthy again, took the cryptocurrency business by storm solely this yr, with a number of rival meme- tokens like Shiba Inu now giving Doge a run for its cash. Nevertheless, they haven’t been in a position to wane the curiosity within the king, as a brand new all-time income report was set by Doge miners final month.

In accordance with latest data by analytics agency CoinMetrics, complete all-time miner income surpassed $1 billion for the primary time on November 13, indicating persistent exercise inside the joke-coin’s group.

Notably, the numerous improve in mined revenue was solely seen this yr, whilst Dogecoin has been in existence since 2014. The sum of all miner income indicated within the chart under contains each charges and newly issued native items.

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Supply: CoinMetrics

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A visual improve in income may be famous round Could this yr, previous which the whole income of Dogecoin mined had remained firmly bellow $100 million.

This tenfold improve may be attributed to not simply rising capital influx into the cryptocurrency business, but in addition the numerous reputation and a focus that Dogecoin has acquired throughout this time.

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The surge in miner income additionally coincides with the soar within the worth of DOGE within the wider market, because it seen unparalleled worth appreciation throughout April and Could. Its rising reputation has undoubtedly been seen as an enormous revenue avenue by these miners, ensuing on this important improve in exercise.

Nevertheless, the asset’s worth has remained on a downward spiral ever because it reached its final ATH on Could 8, when it was altering arms at $0.73.

The digital asset, which was priced at $0.16 at press time, has however risen 5294% in valuation over the previous yr. A major contribution in the direction of its meteoric rise throughout this tie was made by Tesla CEO Elon Musk, who can often be seen endorsing the cryptocurrency on social media.

Different proponents additionally embody billion investor Mark Cuban, together with Doge’s resilient group that has stored it alive all these years.

Its reputation has additionally been underscored in search history statistics launched by Google just lately, as Dogecoin ended up among the many high ten trending news-related phrases on Google Search within the yr 2021. Whereas Dogecoin had featured on the highest fourth place of this record, the time period “Ethereum Worth” solely made it to the tenth spot.

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