CoinSwitch, one of the largest exchanges in India, has released statistics on the most popular cryptocurrencies from its Twitter account today. Bitcoin (BTC) has emerged as one of India’s most popular cryptos.
Bitcoin and these 2 altcoins become India’s most popular cryptocurrencies
CoinSwitch, one of the largest exchanges in India, reported that Dogecoin was one of the most popular cryptocurrencies of the year among its users. DOGE is accompanied by Bitcoin and Ethereum at the top. According to CoinSwitch, the app has around 20 million users. The data shows that these users commonly hold Dogecoin, Bitcoin or Ethereum.
According to IntoTheBlock data, 70% of all DOGE addresses have been pending for more than a year. Despite the harsh market conditions, investors did not choose to sell in this process. It is also known that a significant number of them are currently in India. According to the same data, 53% of Dogecoin holders are currently profitable. Thus, out of over three million Dogecoin wallets, 2.23 million have positive PnL in DOGE.
Dogecoin announces new fund for development activities
As the leading meme coin continues its global adoption, news of a new fund to support developers came from the Dogecoin team. Yesterday, the Dogecoin Foundation allocated 5 million DOGE worth approximately $360,000 for the development of the ecosystem. According to the Dogecoin foundation, the fund will be held in a new multi-signature wallet managed by its members. Also, three of the five signatures of Dogecoin Core developers chromatic, Marshall Hayner, Michi Lumin, Patrick Lodder, and Ross Nicoll will be mandatory for any transaction. These custodians will not have any rights over the funds other than to manage the release. The official statement Dogecoin supplement writes:
DOGE held in this wallet will distribute rewards to Dogecoin Core developers for their work on all contributions, no matter how big or small.
According to the details, for each release of Dogecoin Core, 500,000 DOGE will be distributed among the developers who contributed to the release. Meanwhile, Dogecoin developers recently denied rumors that the network was switching to a PoS mechanism. The developers have announced that they only plan to publish a proposal on the subject. One of the engineers, Lumin, scolded the rumored phenom and said they had not received “inside information” about Dogecoin.
As for price movements, Dogecoin has been surpassed by a new competitor today. At the time of writing, it is trading around $0.07, down around 3% on a daily and weekly basis. cryptocoin.com Bonk Inu (BONK) was one of the prominent meme projects of the new year. It continues a similar momentum in Solana.