Dogecoin Miners Revenue Up 4,500% This Year
28 Apr, 2021•2 min read•Mining
The dogecoin (DOGE, +18.74%) army is not the only one making a killing this year. Miners responsible for generating the Shiba Inu-themed cryptocurrency may also be laughing their way to the bank.
"Transaction fees have risen, but price overwhelms," ByteTree's CIO Charlie Morris said. "The market has been squeezed higher. I suspect many people who owned it a few years ago have forgotten, leading to tighter supply than perceived," Morris added. Some observers fear the ongoing price rally is a bubble that can burst easily as 98 wallets are holding nearly 65% of all coins. Besides, the cryptocurrency is heavily influenced by Tesla and SpaceX CEO Elon Musk’s usually humorous tweets. Bitcoin bull and CEO of Galaxy Digital Mike Novogratz recently called dogecoin's rally a sign of speculative retail frenzy. However, DOGE's real-world adoption is gaining traction with basketball team Dallas Mavericks, medical supplier CovCare, and several others adopting the cryptocurrency as a payments alternative.