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The total value of the dogecoins in circulation is nearly $50 billion — not bad for a digital currency that started as a joke.

• oh_sigh 5y ago
  If I mint 50,000,000,000 OhSighCoins, give away all but one for free("Airdrop"), and trade one for $1, that is not really a good indication that there are $50B in OhSighCoins circulating.
  • seoaeu 5y ago
    Of course not, OhSighCoins are surely worth at least $2 each!
  • manquer 5y ago
    Last 24hours DogeCoin had trading volume of $40Billion so perhaps not a good comparison ?
    • asdfasgasdgasdg 5y ago
      Depends on how many people were involved in the trading. To pick a contrived example, suppose the only two transactions on the ledger were me buying 1e-9 dogecoins for $1, then you and me swapping forty dogecoins. That situation would match the circumstances you described. Kinda what this article is about actually.
    • ChainOfFools 5y ago
      on what basis should anyone believe such a ludicrous number represents legitimate skin-in-game volume and not a handful of fee-free bots trading SQL queries back and forth without ever touching a fiat ramp? none of these self-reported volume numbers should be considered remotely realistic. exchanges have every incentive to cook their metrics in favor of "volume" to draw in fresh meat.
      • manquer 5y ago
        Same thing can said of the stock market. Algo trading or not, dogecoin has had lot of activity since Jan, especially post musk making it main stream.