The founder of the most promising Ethereum network and crypto billionaire Vitalik Buterin decided to kill with one shot two birds with one stone: to prevent the spread of Dogecoin clones and help India fight the coronavirus. Meme currencies collapsed by an average of 50% per day.
Dogecoin has gained popularity and an army of fans.Often, Elon Musk speaks positively about him, calling him his favorite cryptocurrency. In several articles, we talked about the reasons for the kind attitude towards the coin, whose growth over the past year has exceeded 1000%. This success has led to the emergence of various clones: Shiba Inu, Akita Inu, DogElon Mars - many of them had a great start after the release.
So, Shiba Inu has grown 10 times in 5 days,reaching the 4th position in daily turnover with an indicator of $ 21 billion.In contrast to Dogecoin, most clones are based on the ERC-20 token (such a token can be created in a few clicks), which is why the cost of transactions on the Ethereum network jumped to a record $ 70.
Image source: bitinfocharts.com
Created by Shiba Inu, Akita Inu and Dogelon,currying favor with the master of the cryptocurrency world Vitalik Buterin, they sent him their coins as a gift in the expectation that he would not spend them and, at the same time, would speak flatteringly about new projects.
However, Vitalik Buterin decided to lower the degreetension around Dogecoin, reduce the load on the Ethereum network and at the same time do a good job - he sent 50 trillion Shiba Inu (~ $ 1.2 billion at the time of the transaction) to the fund to help India in the fight against COVID, and half of Akita Inu tokens (~ $ 431 million) donated on the Gitcoin platform. As a result of this promotion, Dogecoin clones lost an average of 50% per day.
Image source: coinmarketcap.com
Dogecoin sank less than 10% at the same time, but there were reasons for this.
Image Source: StormGain Cryptocurrency Exchange
On May 12, Elon Musk said that Bitcoin is toxic foracceptance of payment for Tesla cars: "mining is currently too energy-consuming and not environmentally friendly." And since Dogecoin, like Bitcoin, is built on a proof-of-work protocol, the integration of this cryptocurrency is irrational (the other day Musk asked on Twitter if he could add a coin to buy Tesla).
Analytical group StormGain