Litecoins Blog Dogecoin Bubble Bursts

Dogecoin Bubble Bursts 2

Dogecoin was a new coin launched in December 2013. Growth was huge and a lot of miners started to mine this coin owing to its profitability. Miners would use sites like http://coinwarz.com to find the most profitable Alt coin and then convert the coins back into a safer currency such as BTC or LTC. When I saw the demand for this coin I decided to setup a Doge Mining Pool as an experiment. The pool immediately became popular with zero advertising.

doge_miners

I have noticed over the last week that more and more miners have now left my Doge mining pool. As of today there are zero miners. It appears that finally people have realised that this currency has no real value. You can see the popularity of the coin on the Doge Coin Pool graph above and the rapid fall in January.

And now everyone is talking about the next joke coin based on Kanye West called Coinye. Now Lawyers of the superstar are attempting to block the coin. It’s not a sensible move basing a coin on a superstart without gaining their permission first…. You can read the article here. I suspect this coin will die out shortly.

2 thoughts on “Dogecoin Bubble Bursts

  1. Reply Much prognosticating Jan 23,2014 5:39 am

    So the bubble burst huh…

  2. Reply CryptoThinkTank Jan 31,2014 8:35 pm

    Dogecoin has a great community! Hopefully its not a fad. I mean check out the there Chinese New Years images. Dogecoin is awesome! http://www.cryptothinktank.com/uncategorized/happy-chinese-new-years/

Leave a Reply