Widespread sanctions on Russia are currently taking a huge toll on the nation’s economy, as the value of the country’s official currency, the Ruble, has slumped significantly.
Following the significant slump of the Russian Ruble, popular memecoin Dogecoin (DOGE) is nearly 13 times more valuable than the fiat currency.
As of press time a unit of DOGE is worth $0.12, while one ruble is valued around $0.0093.
This is not the first time that the Russian Ruble has been overtaken by a crypto-related asset. Last month, Bitcoin overtook the ruble to become the 14th largest currency in the world after the former recorded a market capitalization of $779.66 billion.
Since President Vladimir Putin declared a full-scale Russian invasion of Ukraine, the move has come under heavy scrutiny, leading to heavy sanctions from various countries, including the United States.
The sanctions have had a major impact on Russia’s economy, with many believing the country could adopt cryptocurrencies to evade these stringent measures.
Contrary to these beliefs, Brad Garlinghouse, Ripple CEO and founder noted that the country cannot seek solace in cryptos to evade sanctions because cryptocurrency transactions are more transparent than they were years back.
Meanwhile, Dogecoin has been down 83.7% from its all-time high of $0.73, a scenario that does not seem pleasing to many enthusiasts, who attributed the decline in value to the unlimited supply of the cryptocurrency.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
