Dogecoin, a major crypto-asset with influential supporters such as Elon Musk and Mark Cuban, has plunged dramatically as its co-founder, Jackson Palmer, has launched an attack on the crypto sector.
Dogecoin dropped below $0.20 on the FTX Exchange, with a daily trading volume of $1 billion. On the other hand, the meme coin is up 0.70 per cent for the day, with a market cap of $25 billion.
The crypto community controls by a powerful cartel of the rich. Remember how, roughly four years ago, the Australian said that he was taking a “long leave of absence” from the “toxic” realm of the digital market while generating no money from his engagement with the meme coin.
Price patterns show that the eighth-most valuable cryptocurrency by market value had lost more than 70% of its value since its all-time high of $0.73 on May 9th, when it traded around $0.19. Dogecoin has approximately 130.4 billion coins in circulation at the moment.
Jackson Palmer, a developer who worked on Dogecoin in 2013, described cryptocurrencies as inherently right-wing. Hyper-capitalistic technology had built primarily to amplify its proponents’ wealth through a combination of tax avoidance, diminished regulatory oversight, and artificially enforced scarcity.
The cryptocurrency sector uses a network of dodgy business ties, paid influencers, and pay-for-play media sites to sustain a cult-like get wealthy quick, Palmer wrote in a series of Tweets.
Financial exploitation occurred before bitcoin, but cryptocurrency designs to make the profiting funnel more efficient.
Dogecoin’s price increase coincided with an increase in interest and investment in the broader cryptocurrency industry, but there was little substance behind the climb. Celebrity tweets frequently influenced Dogecoin’s price movements from people like Tesla (TSLA) CEO Elon Musk and artist Snoop Dogg.
The remarks come months after the cryptocurrency he helped build skyrocketed in value for no discernible reason. Dogecoin establishes as a prank by Palmer and Billy Markus based on a meme. It was valued less than a cent for years before growing value at the beginning of 2021 and hitting $0.73 in April. The price has recently dropped to $0.19, although it is still significantly higher than it has been for most of its existence.
China crackdown on cryptocurrency miners
At least three additional Chinese regions have ordered a halt to all cryptocurrency mining activities following Beijing’s crackdown. That has reduced the country’s share of processing power used to run the worldwide bitcoin network.
Following previous actions against bitcoin miners, the local governments of eastern Anhui province, Henan province in central China, and northwestern Gansu province took action. It had launched by southwestern Sichuan and Yunnan provinces, northern Inner Mongolia, northwest Qinghai province, and western Xinjiang province.