Despite price stagnation, Dogecoin miners surpass $1 billion in revenue
The meme-coin saga that began with the OG Dogecoin long back, took the cryptocurrency industry by storm only this year, with several rival meme- tokens like Shiba Inu now giving Doge a run for its money. However, they have not been able to wane the interest in the king, as a new all-time revenue record was set by Doge miners last month.
According to latest data by analytics firm CoinMetrics, total all-time miner revenue surpassed $1 billion for the first time on November 13, indicating persistent activity within the joke-coin’s community.
Notably, the significant increase in mined income was only noticed this year, even as Dogecoin has been in existence since 2014. The sum of all miner revenue indicated in the chart below includes both fees and newly issued native units.
A visible increase in revenue can be noted around May this year, preceding which the total revenue of Dogecoin mined had remained firmly bellow $100 million.
This tenfold increase can be attributed to not just rising capital inflow into the cryptocurrency industry, but also the significant popularity and attention that Dogecoin has received during this time.
The surge in miner revenue also coincides with the jump in the price of DOGE in the wider market, as it noticed unparalleled price appreciation during April and May. Its increasing popularity has undoubtedly been seen as a huge profit avenue by these miners, resulting in this significant increase in activity.
However, the asset’s price has remained on a downward spiral ever since it reached its last ATH on May 8, when it was changing hands at $0.73.
The digital asset, which was priced at $0.16 at press time, has nevertheless risen 5294% in valuation over the past year. A significant contribution towards its meteoric rise during this tie was made by Tesla CEO Elon Musk, who can regularly be seen endorsing the cryptocurrency on social media.
Other proponents also include billion investor Mark Cuban, along with Doge’s resilient community that has kept it alive all these years.
Its popularity has also been underscored in search history statistics released by Google recently, as Dogecoin ended up among the top ten trending news-related terms on Google Search in the year 2021. While Dogecoin had featured on the top fourth position of this list, the term “Ethereum Price” only made it to the 10th spot.