The crypto market saw a widespread rebound, with several cryptocurrencies posting modest gains in the last 24 hours, recovering from their yearly lows.
Dogecoin jumped more than 10% to $0.081. On a weekly basis, however, the top cryptocurrencies still have a long way to go to make up for shortfalls. In this regard, Dogecoin is down 4.81%.
The catastrophic collapse of FTX continues to have an impact on the cryptocurrency market, both directly and indirectly through concerns about how regulators may handle the situation. This month saw a steep decline in cryptocurrency prices following the FTX implosion.
Investors are now keeping an eye on other cryptocurrency businesses to see how far the contagion may spread. Institutional lender Genesis issued a bankruptcy warning that it was unable to raise funds.
Exchanges have seen enormous outflows so far in November as investors seek the assurance of self-custody, according to a Glassnode analysis.
Alex Valaitis researches Dogecoin
Alex Valaitis, founder of Web3 consulting firm W3T, shared his thoughts on Dogecoin. In his own words, he believes Dogecoin is one of the most misunderstood blockchains in crypto. The former Ethereum researcher shared information on Dogecoin basics, use cases and community.
Valaitis noted that the current block reward is a fixed 10,000 DOGE per block, with one block being mined every minute. This implies that 5 billion new DOGE are mined each year, putting the current inflation rate at around 3.87% per year with a circulating supply of 132.6 billion.
Also, over 2,000 retailers, including the Dallas Mavericks, Twitch and Tesla, are currently accepting Dogecoin as payment, as it continues to thrive in this regard.