Dogecoin’s hash rate actually saw a good increase in 2022. It was at 371 Terahashes per Second (TH/s) by the end 2021 and had reached as high as 560 TH/s in May. There wasn’t much increase from there though until the Ethereum Merge happened back in September. Dogecoin has seen a significant increase in its hashrate since then as a result of the migration ETH miners into other networks.
Dogecoin Hash Rate Balloons
One of the biggest spikes that the Dogecoin had ever seen was earlier in the week. The Tuesday spike in the mining hashrate of the meme currency was at its highest point, reaching 815 TH/s. This occurred after it had gone from 373 TH/s to a low of 373.
This spike in the hash rate, although it was short-lived, also indicates more digital asset power. The hash rate dropped since that time, but is still at around 497 THB/s at this point. The CoinWarz chart shows significant increases in the hash rate of the meme coin over time.
DOGE hashrate reaches 7-month peak | Source: CoinWarz
Also, it is interesting to notice that Dogecoin now has the second-largest Proof of Work network following Ethereum’s upgrade. It is now second only to bitcoin, making it a great choice for miners looking to carry on their work. It still has a lower rate of hash than Litecoin, which is currently at 518.54 TH/s as of the writing.
What Can The Community Expect From You?
We can safely say that the meme coin prices have fallen with community expectations. These digital assets shine the best in bull markets, and they have not enjoyed low market momentum.
The community’s expectations regarding price remain low. The Coinmarketcap Price Estimates function shows investors that they don’t anticipate more than 8% price growth by 2022.
Trending price of DOGE at $0.059 | Source: DOGEUSD on TradingView.com
Keep in mind that these are based on votes from only 1,320 users, and therefore cannot be used to accurately reflect what the wider market expects from digital assets. If Coinmarketcap’s estimates are correct, DOGE would be worth $0.64 at the end October.
Dogecoin currently trades at $0.059, which is well below its 50-day moving mean. The meme coin continues to face strong selling pressure but there’s growing support for it at $0.058.
Featured image taken from The Coin Republic. Chart from TradingView.com
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