What Happened: Markus, in an interview with CoinDesk, said Dogecoin fits a much-needed niche in the cryptocurrency space because it is both fun and inexpensive to move across the blockchain.
Even though Dogecoin has its own blockchain, it is still largely based on Bitcoin’s core technology.
“It [Dogecoin] is 99.9% Bitcoin code really and just some numbers that are changed. But it does have a different ethos,” said Markus.
The DOGE creator also weighed in on the criticisms levied on meme-based cryptocurrencies and the allegations from skeptics that meme coins have no underlying value and new investors are likely to get burned from the speculation that surrounds these assets.
“I think that criticism can be levied at every single cryptocurrency if you want, so it’s all the same to me,” he said.
“Dogecoin is Bitcoin with a dog on it and, you know, some parameters just changed a little bit. So the value of Bitcoin and the value of any of this stuff comes from people buying it at whatever price at whatever particular time they decide to buy it for.”
Price Action: As of Wednesday morning, DOGE was trading at $0.17, gaining 1.83% in the last 24 hours. Last Tuesday, the meme-based cryptocurrency skyrocketed 44.85% after Tesla Inc (NASDAQ:TSLA) CEO Elon Musk announced plans to accept DOGE as payments for merchandise.
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