Dogecoin, the meme coin had a good day thanks to Elon Musk. It has seen a massive surge in volume, even on ATH, and at one point ranked 4th in total CMC crypto market cap. Regardless of its rise, however, it has always been associated with an identity crisis: it’s a coin meme, a bubble that is not taken seriously … a joke that tries to be taken seriously.

At the time of writing, the coin is trading at a price of $ 0.30.

Given these bursting times, is it the equivalent of a bubble?

Tesla CEO, the self-proclaimed DOGE brand ambassador Elon Musk, has been advocating the coin for several months. Here’s a look at his support and the impact his tweets had on the coin. These tweets include:

(1) “Dogecoin Our Network”

(2) “Dogecoin” was Everyone’s Cryptocurrency “

(3) “Dogs on” The moon“

(4) call Action on Elon’s GitHub

Source: Santiment

Spencer was noon To mark some key aspects of DOGE in the latest edition of the “Our Network” newsletter (No. 73). This can change some, if not all, of your perceptions of DOGE.

Spencer Noon’s analysis states:

“DOGE has historically generated 10% of all of LTC’s consolidated mining revenues. Litecoin miners see a 5-fold increase in daily sales (80% from DOGE income). Opportunistic LTC miners have increased Dogecoin hash rate by 48% YTD (30D), with the merged mining coin now having a higher market cap compared to its base coin.

Source: Coinmetrics

Nevertheless, he quickly recognized an important hurdle for DOGE compared to the world’s largest coin Bitcoin.

In terms of node topology, only 62% of DOGE nodes are synchronized within 5 blocks at the top of the chain, partly driven by Dogecoin’s 1 minute block times. Also:

“The lower number of fully synchronized nodes makes it difficult for new nodes to connect to the network and synchronize, which highlights certain shortcomings at the network level.”

Source: Blockchair

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