Dogecoin (DOGE) also seems to have influenced Bitcoin (BTC) developer Peter Todd. Developer Todd advocated converting Bitcoin (BTC) to Dogecoin. Here are the details…
Bitcoin developer proposes BTC/DOGE exchange
The prank currency is apparently no joke, according to Bitcoin developer Peter Todd. He suggested that Bitcoin should follow the infinite inflation approach of Dogecoin without further halving. In a statement to the Bitcoin developers mailing list, Todd suggested implementing the infinite fixed block reward in Bitcoin.
Meanwhile, DOGE is expanding its losses. Currently, the asset was trading at $0.05991, down almost 14 percent over the past seven days in conjunction with the overall crypto market price action. Dogecoin’s profitability is moving towards a neutral level as the market struggles with the growing bearish momentum in recent months. Specifically, when profitability increases, owners are more likely to take profits as part of hedging their portfolios. However, investors are holding the token in hopes of another rally with the current neutral situation.
While DOGE price action is associated with assets like Bitcoin, the coin has shown no signs of a significant recovery despite continued support from famous backers like Tesla CEO Elon Musk. Amid the bearish price action, Musk confirmed that he is still accumulating the asset. This sparked a short-term rally. As we reported on Kriptokoin.com, the space mission named “DOGE-1 Mission to the Moon”, which Musk paved the way and set to be supported by the meme coin, still continues despite the initial delays. The development was expected to trigger a rally in DOGE’s price, but overall market sentiment is pulling the coin down.
Latest data on DOGE holding investors
Meme coin Dogecoin (DOGE) is struggling to repeat the success recorded in the first half of 2021. This is a scenario that affects investors’ ability to profit from the token. However, as of July 14, the number of DOGE owners who made money is equal to those who made a loss. According to CoinMarketCap data, both the owners’ share of profits and losses are at 48 percent, and only 4 percent at par at the current DOGE price.
Additionally, the overall DOGE price correction dampened the hype around the meme cryptocurrency. While the coin has shown benefits in recent months, such as using it for payments, the hype from the social media platforms that was at the center of its 2021 rally was lacking. Despite its profitability and neutrality in losses, DOGE continues to receive significant shareholder interest. According to reports, data from Google Trends shows that searches for Dogecoin in the United States rank highest among cryptocurrencies.
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