The aggregate revenue for miners of the meme crypto asset has surged rapidly in 2021. The increase in revenue for miners, when compared to the previous years, is well above $3 million.
Since the start of the year, the Shiba Inu coin has seen a price surge of over 7000 percent. Over the past year, Dogecoin has increased by more than 13000 percent. The crazy price surge of the coin in recent times plus the strong support it enjoys from influential individuals like Elon Musk has made the token more popular.
Miners’ Revenue from Dogecoin
Interestingly, investors and traders of the controversial currency are not the only ones who have benefitted from the price surge. Miners of DOGE have also seen their revenue increase massively since the start of the year. Available data shows that they have recorded a revenue increase of up to 4575 percent since January.
— Charlie Morris (@AtlasPulse) April 28, 2021
Based on data drawn from the revenue estimates, it is assumed that many DOGE Miners do not “HODL” their coins. Most miners sell off after blocks have been mined. Transaction fees are also received by miners. However, transaction fees brought in just a minor fraction of the total miners’ revenue.
Dogecoin’s Recent Performance
On April 18, Dogecoin hit its all-time high of $0.45. This gave rise to many Dogecoin followers speculating that the coin will hit the $1 mark in no time. At the moment, Dogecoin is currently valued at $0.31.
According to Coin Metrics, the daily transaction fees for Dogecoin has increased by sixty times this year. This was accompanied by some brief spikes in the number of daily transactions.
While the meme coin has been heavily criticized for its lack of use-case in the crypto space, it seems the attention it has gained over the past year is about to change that for good. Some large companies are planning to adopt DOGE as a means of payment. It is expected that many other use cases for the meme coin will spring up with time.