- Dogecoin Foundation has confirmed that it has received 1 million DOGE worth about $141,000 as a donation from MyDoge.
- According to MyDoge, the donation represents his effort to ensure that upgrades are executed to make it the currency of the people.
Dogecoin Foundation has been receiving a number of donations from its community across the globe, but one single donation from MyDoge has caught headlines. According to an announcement made by the Foundation on Twitter, MyDoge donated a whooping sum of 1 million DOGE worth about $141,000.
Wow! Speechless! Thank you @MyDogeOfficial for this incredibly generous 1,000,000 Dogecoin tip! It’s been amazing to see the community re-energized this past year and projects like yours spring up. We love everything you’ve been doing!
Dogecoin has been tipped to become the currency of the people, and the foundation is considering a number of significant upgrades to make this a reality. According to MyDoge, the donation represents an effort to ensure that upgrades are executed to make it the currency of the people.
We hope other shibes join us in helping support their mission to make $doge the people’s currency and Do Only Good Everyday.
Can Dogecoin really become the currency of the people?
Vladimir Tenev, CEO and co-founder of Robinhood in a report argued that Dogecoin is far from becoming the currency of the people due to some technical issues. According to him, Dogecoin developers must work on its transaction speed and cut down the transaction cost to get close to becoming the currency of the people. He believes that its block time should be faster and it should not be at the level of causing problems of energy wastage. He also pointed out that Dogecoin must have a fixed supply to be able to live up to the hype.
Another criticism of Doge is that it’s inflationary and the supply is infinite, unlike Bitcoin’s finite supply of 21M coins. ~5B new DOGE are created every year, and the current supply is about 132B. This results in a current inflation rate of less than 5 percent – less than USD!
In 2021, a survey conducted across 22 countries by the Australian cryptocurrency survey agency, disclosed that the Dogecoin adoption rate had surpassed that of Bitcoin and Ethereum in the US. About 30 percent of crypto owners surveyed in the US admitted that they owned Dogecoin. This is 1.6 times the global adoption level of 19 percent. Also, in the last quarter of 2021, The Advisor Coach’s study, reported that Dogecoin was the most Googled crypto in the US. In October, it averaged 7 million searches.
According to the report, the popularity of Dogecoin can largely be attributed to Tesla CEO Elon Musk. Last year, he disclosed that the company planned on accepting the meme coin as a payment option.
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