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The Dogecoin price turned green after the sixth largest cryptocurrency lost around a quarter of its value over the past week. Bitcoin is leading a market rebound today after regulatory nervousness sent investors looking for signs of an exit in recent days, a sell-off that spilled over to altcoins.
Dogecoin Developments
However, Dogecoin investors have much to be happy about after a mainstream investment app added support for the cryptocurrency. Neobank Revolut announced on June 8 that users can now exchange the popular meme coin. Dogecoin is not the first cryptocurrency on the Revolut platform and brings the list of digital assets supported by the challenger bank to 30.
The company is responding to user demand after seeing the size of crypto assets on its platform more than double from $ 48 million at the end of 2018 to $ 121 million the following year.
Additionally, with all the fuss around a bitcoin ETF in the US, one company has simply made it easier for investors to add BTC to their retirement portfolio. iTrust Capital, an IRA and 401 (k) crypto platform, added support for Dogecoin.
iTrust touted what he described as a rare supply of Dogecoins, but a feature of DOGE is that there is an unlimited supply. However, the number of Dogecoins that can be issued each year is capped at 5 billion. Nonetheless, compared to its biggest rival, bitcoin, which is arguably a deflationary asset, the supply of Dogecoins is considered to be inflationary in nature.
Vitalik on Doge
Ethereum co-founder Vitalik Buterin has become a rock star in the cryptocurrency community. His presence at the recent Bitcoin conference in Miami concluded that Bitcoin needs a leader similar to how Vitalik is the face of Ethereum. Satoshi Nakamoto is the creator of bitcoin, but he hasn’t heard from him since 2011, when he said he moved on to other projects.
Vitalik in a recent podcast with Lex Fridman said he turned a $ 25,000 investment in Dogecoin into millions of dollars five years ago. DOGE was then trading at $ 0.07 against its current price of $ 0.32. He sold 50% of his holdings at the time, donating over $ 4 million to charity. If he still holds the other half of his initial investment in DOGE, it is up $ 20 million.
The story continues
The mascot Dogecoins, a Japanese Shiba Inu breed dog, also fueled the popularity of the coin.
This article originally appeared on FX Empire
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