Meek Mill invests in Dogecoin after announcing it on Twitter; How much did he invest?

Dogecoin has been growing significantly over the past few weeks. It has also raised several questions about why this cryptocurrency is growing so fast and more. And now, popular American rapper, Meek Mill was found asking the same questions online and later he announced that he has invested in Dogecoin himself. 

Meek Mill buys Dogecoin

Meek Mill recently took to Twitter in amazement asking about why Dogecoin is growing so fast in the past few weeks. After reading many fan replies about Elon Musk's Saturday Night Live about cryptocurrency, he decided to invest in cryptocurrency. Mill took to twitter to announce that he has bought $50,000 worth of Dogecoin which is roughly around Rs. 37 lakhs. Interestingly, he also said that he just got “tired of missing out”.

Just 2 weeks ago, Dogecoin price was around Rs 20 on Tuesday and it surged to an all-time high up to Rs 54-55 (more than double the money). However, the growth is quite rapid compared to many investment mediums. Meek Mill himself found this rapid growth very confusing and so he asked his Twitter followers to give him a “quick breakdown of why it's moving” so randomly. Mill's followers did reply with various insights, nevertheless, one fan mentioned Musk's SNL gig, stating it to be the reason. As DOGE is listed on most exchanges, it also seems to be supported by most crypto wallets and has a liquid market. 

How many Dogecoins can be mined?

Many cryptocurrencies like bitcoin (BTC) have a set number of tokens that can be mined. And so, once the limit approaches, it becomes increasingly harder for investors to mine more tokens. However, as per Newsweek, there can only ever be a maximum of 21 million Bitcoins (estimated to be reached by 2040) that can be mined. Dogecoin, on the other hand, is different. The cryptocurrency has no limit to how many DOGE tokens can be mined, as per Coindesk. Dogecoin's newfound fame can also be partially credited to the owner of SpaceX and Tesla, Elon Musk who has been promoting the cryptocurrency extensively on his Twitter profile.

IMAGE: SHUTTERSTOCK