In November 2021, cryptocurrency miners Dogecoin (DOGE) set a new all-time income record, according to recent statistics from data analytics site CoinMetrics.
Dogecoin sees significant increase in revenue
Notably, on November 13, 2021, the total income of all-time miners exceeded $ 1 billion for the first time, as cryptocurrency miners continued to reap the benefits of popular meme currency.
Dogecoin cryptocurrency has seen a significant increase in mined revenue this year. According to the latest data recorded on December 9 by the site, the total amount currently stands at $ 1.08 billion.
Source : CoinMetrics
The chart above reveals the dollar (USD) amount of all miner income including fees and newly issued native units. It should be mentioned that the total income from Dogecoins mined on January 1 was $ 108 million. However, as the asset grew in popularity and gained public attention, revenues have since increased tenfold.
Dogecoin price and market cap
It is worth noting that the total income generated from ether mining is currently $ 18 billion, which is eighteen times the amount of income generated by Dogecoin. However, ether’s market cap is $ 477 billion, which is more than 21 times the amount of revenue generated by Dogecoin, which is $ 22 billion.
Source : CoinMetrics
In addition, the growth in miners’ income actually started to accelerate and increase in the months of April and May, coinciding with the surge in DOGE’s price in the wider market as investors began to show great interest in this asset at that time. Therefore, this suggests that miners saw this as an opportunity to take advantage of the currency’s growing popularity.
Source : CoinMarketCap
Currently, the Dogecoin cryptocurrency meme is trading at $ 0.168, down 0.94% in the past 24 hours and up 1.06% in the previous week. According to statistics from CoinMarketCap, the cryptocurrency has been on a downtrend since it hit an all-time high of $ 0.7004 on May 8.
Dogecoin is in the top 10 for news searches on Google
Due to rising inflation and economic concerns, the crypto market has seen an extraordinary rise since the start of the year, leading Dogecoin to be among the top ten topical searches on Google Search in 2021.
Celebrities like Elon Musk, chief executive of Tesla (NASDAQ: TSLA), who had promoted the cryptocurrency meme through his Twitter account, were notably instrumental in its meteoric rise in 2021.