The total turnover of DOGE miners exceeds $ 1 billion despite stagnating prices
The meme coin saga that began with Dogecoin (DOGE) only took the crypto industry by storm this year, with some competitors like Shiba Inu now overtaking it. However, not everyone was able to arouse interest in the König, as Doge miners set a new all-time sales record last month.
According to the latest data from analytics firm CoinMetrics, total sales from DOGE miners exceeded $ 1 billion for the first time on Nov. 13, showing continued activity in the meme coin community.
It is noteworthy that a significant increase in mining income was only recorded this year, even if Dogecoin has been around since 2014.
There was a significant spike in revenue around May of this year before total mining revenue fell below $ 100 million.
This 10-fold increase is due not only to the increasing inflow of capital into the crypto industry, but also to the considerable popularity and attention that Dogecoin has received during this period.
The rise in miners’ income also coincided with an increase in the price of DOGE in the broader market, which exploded in April and May of that activity.
However, the asset’s price has remained in a downward spiral since it last hit its all-time high on May 8, when it changed hands at $ 0.73.
The digital asset, which was worth $ 0.16 at press time, is up 5,294% over the past year. Tesla CEO Elon Musk, who often supports the cryptocurrency on social media, made a significant contribution to its massive increase during this time.
Other supporters include billionaire Mark Cuban and the resilient Doge community that has kept them alive over the years.
Its popularity is also shown by the search history recently published by Google. Dogecoin was among the top 4 hottest news-related terms in Google search in 2021.
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