Dogecoin (DOGE) Miners Are Earning More than A Million Dollars in Revenue Each Day

After falling to just under $0.160 last week during the crypto market-wide sell-off, DOGE pumped again this week to $0.350.

Currently trading around $0.309 with a market cap of $39.69 billion, the latest pump came as Elon Musk tweeted “The Dogefather” to his 52 million followers, ahead of his appearance on US comedy show SNL on May 8.

Billionaire Mark Cuban also endorsed DOGE on “The Ellen DeGeneres Show.” During his appearance on the show this week, the Dallas Mavericks NBA team owner said the rise of the meme coin is the “craziest story ever.”

Talking about Dogecoin as an investment, Cuban said,

“I would say it’s not the world’s best investment, but it’s a whole lot better than a lottery ticket, and it’s a great way to learn and start understanding cryptocurrencies.”

Also, it goes up in price, as it did 5,367% YTD, but even if it doesn’t, you can spend it, buy merchandise on the Mavericks store, Cuban said. Back in March was when he first announced that Mavericks accepts DOGE as payment for tickets and merchandise.

We're working on deposits and withdrawals! Not just for DOGE, but for all coins on Robinhood Crypto. 💪 https://t.co/tphywDbRvc

— VLAD (@vladtenev) April 27, 2021

Mavs also accepts Bitcoin, Ethereum, and other cryptos. BTC 1.48% Bitcoin / USD BTCUSD $ 28,479.17
$421.491.48% Volume 18.2 b Change $421.49 Open $28,479.17 Circulating 19.33 m Market Cap 550.61 b 1 y SEC Commissioner says NFTs Might Fall Within Their Jurisdiction, Gensler Hires Senate Aid for Crypto Policy 1 y A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 1 y Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum ETH 1.37% Ethereum / USD ETHUSD $ 1,822.64
$24.971.37% Volume 8.91 b Change $24.97 Open $1,822.64 Circulating 120.46 m Market Cap 219.55 b 1 y Coinbase Predicts Substantial Growth of Newer L1 Chains & Institutionalization of Regulated DeFi 1 y A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 1 y The Sandbox Game Is Migrating to Ethereum Sidechain Polygon and Launching A DAO in 2022

“Bitcoin is like a digital version of gold, Ethereum is a digital version of a currency, and then you got Dogecoin, which is just fun,” said Cuban talking about his views on investing in cryptocurrencies.

The number of DOGE transactions per week has actually been keeping between 200k to 500k this year ever since this frenzy started.

But as we reported, the biggest concern about DOGE remains its supply, a portion of which is controlled by a few addresses. About 14 billion DOGE are added to its supply each day due to its annual inflation of 5 billion coins each year.

DOGE miners are currently enjoying a revenue of more than a million dollars, never seen before level, which was as low as $1,000 in 2014.

The #DOGE miners are making $3 million a day. Let that sink in. pic.twitter.com/wrFYneA9OB

— Charlie Morris (@AtlasPulse) April 28, 2021

In other news, during a press conference on Wednesday, Federal Reserve chairman Jerome Powell also shared his thoughts when asked about potential concerns regarding financial stability due to trading in GameStop and Dogecoin.

“I think they reflect froth in the equities markets,” said Powell, who did not mention either of the assets by name. “But really, we try to stick to a framework so that we can talk about it and be held accountable for it,” he added.

While denying the concerns that quantitative easing had caused froth, he talked about central bank digital currencies (CBDC) being a possibility now and “we're going to see some of them around the world.”

As for a digital dollar, “I'm less concerned that another country might have another digital currency first,” he said.