The mania around Dogecoin has grown tremendously in the cryptocurrency community over the past few weeks. This fervor has spread to miners who want a piece of the action more than ever.
A Chinese blockchain firm, Ebang International Holdings Inc., has announced the release of a Dogecoin and Litecoin mining chip. According to a tweet from Wu Blockchain, this design will allow both digital assets to be mined simultaneously.
The addition of Dogecoin mining is a first for Ebang. Although Dogecoin and Litecoin are both mined using the Scrypt algorithm, miners have lately made much more profit from the former.
According to Ebang, this new design will open the floor to creating a high-performance mining machine. It also intends to rival its competitors by focusing on manufacturing superior chips for mining newer cryptocurrencies.
The CEO of Ebang International Holdings Inc., Dong Hu, stated that;
“In the future, we will focus on developing more mainstream cryptocurrency mining machines, and we are considering designing more mining chips compatible with multiple cryptocurrencies.
The income generated from mining Dogecoin has exceeded Litecoin due to the tremendous gains it has recorded recently. This traction is also a product of the “tweet-effect” from Tesla CEO, Elon Musk.
More than Just a Memecoin
In the past few weeks, Musk has been tweeting ceaselessly about Dogecoin. Market participants have always reacted positively to these posts, which have continued to cause massive spikes in DOGE prices.
The engagement on social media from Musk previously led to a 250% spike. This increased volatility saw Dogecoin blast through to new all-time highs.
Furthermore, this excitement has been fanned into more explosive levels as other famous persons joined the Dogecoin mania. The owner of the Dallas Mavericks, Mark Cuban, recently described the cryptocurrency as the “lowest cost economics teaching tool available.” The Shark Tank star said that there are better chances of making gains with the meme coin than winning a lottery.
The billionaire affirmed his beliefs that Dogecoin is more than just a meme, claiming that he uses it to teach his son basic economic principles while having fun.
Dogecoin Social Volumes Go Bonkers
Data from behavior analysis and monitoring platform, Santiment, has revealed that Dogecoin has been smashing multiple records. DOGE social dominance gained the highest traction in the past twelve days.
Social dominance is a media metric that measures the proportion of the online community engaging in a particular topic. Historical data shows a correlation between DOGE’s price movements and its social dominance.
On Jan. 29, Dogecoin’s social dominance peaked at 74%. This value shows massive growth considering that DOGE rarely recorded a value over 10% since 2019.
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