Dogecoin is eighth largest cryptocurrency in terms of market valuation
The trail of reactions comes after CNBC’s “Mad Money” host Jim Cramer criticized cryptocurrencies, including Dogecoin, which he called a “con.”
In the wake of this, Dogecoin Core developer Michi Lumin has taken to Twitter to correct the misinformation about Dogecoin.
In a string of tweets, the Dogecoin developer acknowledged that Jim Cramer had been misinformed or intentionally misinformed about Dogecoin.
According to Lumin, for something to qualify as a “scam” or a “con,” it must have both a mark and a beneficiary. Dogecoin, by the rules of its code, cannot work as a scam or con because it lacks a beneficiary and is not “run” by a “company” or a body.
She continues by saying that Dogecoin has never had a “developer premine” and that there is no magic button or special allocation of cryptocurrency to developers.
Anyone can run a node on the Dogecoin network, which is “controlled” by the network of nodes through which it runs.
Dogecoin nodes work using a decentralized consensus method to prevent malevolent actors from taking control of the network.
The role of the Dogecoin Foundation, the nonprofit organization has the responsibility of supporting Dogecoin through development, advocacy and the roadmap and governance given for the future of Dogecoin.
As reported by U.Today, W3T founder Alex Valetis believes that Dogecoin is one of the most misunderstood cryptocurrencies in the space. He made these deductions from his latest research.
Dogecoin, now the eighth largest cryptocurrency in terms of market valuation, is the second largest POW blockchain after Bitcoin.
With a current circulating supply of 133 billion DOGE, approximately 5 billion new DOGE are mined every year.
