The popular meme coin Dogecoin (DOGE) is reportedly worth 12 times more than the Russian Ruble. Interesting developments continue to occur in the last period when Russia attempted to invade Ukraine. Widespread sanctions against Russia are currently wreaking havoc on the country’s economy, as the country’s official currency, the Ruble, has dropped significantly in value as a result of staggering sanctions from Western countries.
Popular meme coin DOGE and Ruble
After the significant drop in the Russian Ruble, the popular meme coin Dogecoin (DOGE) is about 13 times more valuable than the fiat currency. As of this writing, one Dogecoin (DOGE) cryptocurrency is worth $0.12, while a ruble is worth about $0.0093. This is not the first time the Russian Ruble has been crossed by a crypto-related asset. Last month, Bitcoin (BTC) registered a market cap of $779.66 billion, surpassing the Ruble to become the world’s 14th largest currency.
cryptocoin.comAs we reported earlier in , the move has come under intense scrutiny and has led to severe sanctions from various countries, including the United States, since Russian president Vladimir Putin announced Russia’s extensive invasion of Ukraine. The sanctions from the US and European countries have had a huge impact on the Russian economy, and many believe the country could adopt cryptocurrencies to avoid these drastic measures.
Can crypto money ease Russia’s hand?
Whether Russia will benefit from the unique opportunities provided by cryptocurrencies in order to overcome this sanction wall built against it has been one of the topics discussed in crypto circles for a while. Contrary to these beliefs, Ripple CEO and founder Brad Garlinghouse stated that the country cannot seek solace in crypto to escape sanctions, as cryptocurrency transactions are more transparent than they were years ago. Meanwhile, Dogecoin (DOGE) is down 83.7% from its all-time high of $0.73, an unsavory scenario for many enthusiasts who attribute the drop in value to the unlimited supply of the cryptocurrency.
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