Introducing Dogecoin (DOGE) on the Tron Blockchain
DOGE, the meme token that became popular on the internet, is now readily available on the Tron network.
The announcement was made by Justin Sun, the CEO of Tron, on Twitter. He explained that Tron now supports DogeCoin on Poloniex, JustSwap, JustLend, and Sun.io.
In addition, Dogecoin holders will soon be able to acquire interest on their holdings by transforming their dogecoins into USDT on the Tron Network.
In an instant, Tronscan.org reveals the Tron blockchain contains 50 million DOGE tokens in overall, with each representing one DOGE and representing the Tron network in real-time.
This means that Dogecoin will have a supply of 50 million on Tron.
The dogecoin community waited for the live efficiency of Tesla CEO, Elon Musk, on Saturday Night Live yesterday. Mr. Musk has been called an informal leader of the DOGE community on a number of events.
Dogecoin had actually reached an all-time high of $0.7376 a number of hours before Saturday Night Live aired. However, DOGE quickly began to decline in price and diminished by over 30% once the show aired.
A variety of charts have been created showing the Dogecoin price before and after the show.
It appears on the charts that Dogecoin fell to as low as $0.47 during the episode of Saturday Night Live. Dogecoin bounced back tough to recover the $0.50 price area as support.
When this post was composed, Dogecoin was trading at $0.52 and might go through a short period of consolidation prior to taking a conclusive instructions.
Traders and financiers must understand that Dogecoin markets tend to be very unpredictable, as evidenced by the enormous dump during Elon Musk's SNL episode.
Since leverage on futures markets increases risk, trading Dogecoin on spot markets reduces it, whereas take advantage of on a futures market can lower the threat.