This year, Dogecoin has taken the world by storm. The digital currency has also progressed from being labeled as a meme coin to being one of the hottest crypto sensations. DOGE’s valuation has risen by a whopping 6000 percent this year alone, and it’s aiming to keep up the momentum.
Last week, the currency gained 47 percent, briefly overtaking coins like XRP, Litecoin, Bitcoin Cash, Tether, and Cardano, all of which were household names in the crypto market back when Dogecoin was considered nothing more than a joke.
In the early hours of Thursday, Dogecoin was traded above $0.60, bringing its market value to $78 billion, almost $4 billion more than SpaceX, Elon Musk’s privately owned rocket company. Dogecoin’s outstanding success has sparked a frenzy in the crypto space, with unparalleled interest in the digital currency.
Dogecoin is currently competing with some of the crypto market’s most valuable currencies, and many expect that the coin’s current hot streak will catapult it to greater heights. Dogecoin was priced at $0.40 at press time, down 11.4 percent in the last 24 hours, but many analysts say the digital coin has the potential to reach $5 and beyond by the end of the year.
According to news, bookmakers have lowered the chances of DOGE reaching $5 by the end of the year, as many investors expect the coin would skyrocket in value if Elon Musk accepts it as a payment option for Tesla vehicles. Other analysts have said that Dogecoin’s underlying infrastructure, as well as its overall usefulness, is “second-rate” in comparison to Bitcoin and Ethereum.
“On the surface, it is a total mystery as to why Dogecoin continues to grow: it is a meme coin, with poor tokenomics and no development,” Anthony Portno, founder of Traders of Crypto, told reporters this week. However, Dogecoin’s rise hasn’t been down to its popularity.
Dogecoin’s success has also been aided by social media, with online groups with institutional buyers supporting the coin by raising enough hype around it in the crypto room. The r/Dogecoin sub-Reddit, a prominent internet space for Dogecoin users and investors, promised at the start of the month to drive the price to $1, and later urged Dogecoin investors not to sell even though the price went above $1.
While a major sell-off is possible once the coin reaches $1, its upward trend is likely to continue as the coin’s new trading policy of feeding on the hype surrounding it isn’t going anywhere anytime soon.
dogecoin price today
On Friday, Dogecoin soared after Elon Musk said he was collaborating with the cryptocurrency’s developers to boost its payment performance.
Tesla (TSLA) CEO Elon Musk, who previously said that his Dogecoin tweets could not be taken seriously, said on Twitter that he was “working with doge developers to boost machine transaction speed” and that the work was “potentially positive.”
Following Musk’s tweet, the cryptocurrency, which was created as a prank in 2013, jumped over 30% on Friday morning. It was currently priced at $0.53, having previously hit a high of $0.56.
Billionaire Elon Musk has become a vocal advocate of the meme coin, tweeting about it regularly. He recently tweeted that he intended to send Doge to “the moon” in 2022 on a SpaceX spacecraft. Geometric Energy Corporation, a Canadian firm, is collaborating on the “DOGE-1 Mission to the Moon.”
Crypto exchange sites and customers have become more interested as a result of Musk’s publicity. Following a similar move by rival eToro, famous exchange Gemini declared support for Dogecoin last week.
Because of Musk’s interest, the cryptocurrency has risen over 1,500 percent since the beginning of the year. According to CoinMarket, it is currently the fourth-most valuable coin, with a market capitalization of more than $70 billion.
Before falling down to earth, the currency reached new lows ahead of Musk’s performance on Saturday Night Live (SNL). Analysts had predicted that the SpaceX creator will discuss cryptocurrency on the broadcast, sending prices soaring. Instead, the coin dropped almost 25% as a result of his plug.
Musk had previously hinted that he was investigating alternate cryptos that Tesla might consider, asking his 54.5 million Twitter (TWTR) followers if they thought Tesla could accept Doge as payment.
Though Musk is warming to Dogecoin, he is growing dissatisfied with bitcoin. After abruptly withdrawing Tesla’s funding on Thursday, he sending Bitcoin and other cryptocurrencies into a tailspin. Tesla’s sudden leap came after Musk expressed concern about bitcoin mining’s environmental effect.
Old methods of earning money have always resulted in new ways of throwing it away. With cryptocurrencies now worth more than all the dollars in circulation, cryptocurrency owners must decide what kind of donors they want to be.
The emergence of cryptocurrencies has compelled the financial industry, as well as the rest of the world, to rethink ideas about transparency, efficiency, and power distribution.
As a result, crypto donors have a unique ability to consider not only “how many,” but also “how.” In other words, how do they increase the pool of available capital while still ensuring that they are better spent?
New sources of income, for better or worse, often alter the way philanthropy operates. The first modern foundation was founded by John D. Rockefeller, America’s first billionaire. Rockefeller had more money than he could give away himself, so he established a foundation to distribute it according to a large mandate long after he died. Carnegie, Mellon, and Ford were soon to join, ushering in a new philanthropic tool.
Bill and Melinda Gates used the personal computer boom to place their foundation as a unique private competitor in the public health space decades later.
In the years since, income from internet firms like Facebook has fueled the rise of successful altruism (or evidence-based philanthropy), as well as the increased use of emerging legal mechanisms like donor-advised funds or limited liability companies (LLCs).
Donors of cryptocurrency have already made an impact. In 2018, an individual (or persons) going by the name Pine anonymously donated 5,104 bitcoin to 60 charities. FTX is the world’s first crypto or non-crypto trading site that was created with the express purpose of “donating to the world’s most successful charities.”
It gives 1% of its net fees to charity (its founder was surprised to learn that he was then-candidate Joe Biden’s second biggest donor in 2020).
New giving structures have also emerged. In the Ethereum domain, GitCoin uses quadratic financing to crowdsource and balance funding for public goods. And Noora Health, a charity, released an NFT that promised the buyer a digital claim to the effect made possible by the NFT’s buying price.
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This is just the start. Coinbase CEO Brian Armstrong said in an interview with economist Tyler Cowen that if Bitcoin’s price hits $200,000, half of the world’s billionaires will be crypto billionaires.
So, what would crypto donors do to help the most people? To begin, they will work with pioneers like the Open Philanthropy Project to make altruism more successful. Very much giving still favors anecdotes over statistics. Those in charge of the purse strings would have to ask more tough questions about facts and effects.
As the Managing Director of a charity named GiveDirectly, I believe that the openness, productivity, and decentralized control at the core of crypto’s ability will benefit charities greatly. Donor funding must travel through a diverse network of international and local organisations before finding its final destination under the current assistance paradigm. Dollars and knowledge are often eroded along the way, and the end-user is often regarded as a passive purchaser of products or services rather than an active participant of resource distribution.
One option is to actually donate money to people. Hundreds of thousands of people, including inhabitants of urban slums, migrants, and natural disaster survivors, have received over $380 million from GiveDirectly in ten countries. Direct cash transfers aren’t a panacea, but they’re evidence-based, effective, and become more widely accepted as a standard.
The crypto community has reacted positively to the idea of cutting out the middlemen of help. People including Jack Dorsey, Elon Musk, and Vitalik Buterin have joined Pine and thousands of others in using GiveDirectly to deliver more than $25 million in cryptocurrencies to people in need.
Cryptocurrencies, or blockchain technologies in general, may be able to aid in the better execution of giving. Smart contracts may enable new approaches to results-based finance, shared ledgers may enable new principles of transparent assistance, and digital currencies may provide new ways to administer aid despite capital controls or insufficient fiat currencies. Of necessity, achieving these goals would necessitate designing with the world’s poorest people in mind (and investing more in those who are already doing so).
Although crypto donors must make crucial choices on how and when to donate, the work continues far farther upstream in the sector.
“No sum of charities in investing those fortunes will compensate in some way for the wrongdoing in receiving them,” Teddy Roosevelt said of the industrialists’ new foundations. For bitcoin, this may involve addressing carbon footprints, rooting out schemes that focus against the most needy citizens in the population, working productively with regulators and tax officials, or ensuring that tomorrow’s financial environment contains a wider range of viewpoints than today’s.
Even if giving sometimes resembles receiving, there’s much to be optimistic about in the rise of crypto-philanthropy. Let’s see how it lives up to its promise.
