Not Just The Doge Army, Those Minting Dogecoin Have Struck Gold With The 6,600% Rise Of Shiba Inu Too

Dogecoin (DOGE) miners have seen revenues rise over 4,000% with the joke cryptocurrency seeing a massive spike this year, CoinDesk reported Wednesday.

What Happened: Daily revenue of DOGE miners touched a record high of $3.6 million on Apr. 26, which is a 4,775% increase from Jan. 1 when it was at $77,000, according to ByteTree data, as reported by CoinDesk.

Miners receive newly minted DOGE but are also paid a transaction processing fee. Coin Metrics data, as reviewed by CoinDesk, indicates that DOGE transaction fee revenue has risen 60-fold this year.

Transaction fee reportedly accounted for just $23,200 or 0.64% of the $3.6 million record miner revenue seen on Apr. 26.

The revenue estimates are based on the assumption that miners sell their coins immediately.

Why It Matters: The price of DOGE hit an all-time high of $0.42 on Apr. 16. On a 24-hour basis, the cryptocurrency gained 15.55% and was trading at $0.31 at press time.

The Shiba Inu-themed cryptocurrency has soared 6,621.48% this year, beating the apex cryptocurrency Bitcoin’s (BTC) 88.65% year-to-date gains. BTC traded 1.6% lower at $54,575.23 at press time.

ByteTree Chief Information Officer Charlie Morris pointed out the tighter supply of the coin and said “I suspect many people who owned it a few years ago have forgotten, leading to tighter supply than perceived,” according to CoinDesk.

Bitcoin bull Mike Novogratz said the market was in a frenzy caused by the listing of Coinbase Global Inc (NASDAQ:COIN) and that has pushed prices of DOGE and XRP (XRP) higher, Marketwatch reported.

“I’ve seen a lot of weird coins like dogecoin and even XRP have huge retail spikes, which means there’s a lot of frenzy right now.”

XRP traded 5.96% lower at $1.33. The cryptocurrency has gained 510.04% so far this year.

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Source from: Benzinga