Dogecoin is a blockchain based peer-to-peer cryptocurrency and an altcoin that was designed to reach a much broader demographic than bitcoin. Dogecoin was introduced in the market as joke currency which featured the likeness of Shiba Inu Dog from the ‘DOGE’ meme. The cryptocurrency that was fresh and fun, covering the shortcomings of Bitcoin and other cryptocurrencies gained its fame with a whole online community with thousands of users sharing the currency and posting memes about it online. Dogecoin is the only digital currency that bounced 300% in value within the 72 hours of its introduction. The ban on cryptocurrency from the Chinese market added to its advantage. Unfortunately, it lost most of its value with an online theft hack. However, the market boomed within a few days where its trading volume exceeded bitcoin and other cryptocurrencies combined for a short period of time.
Dogecoin (DOGE) is the 25th largest currency in the crypto market according to stats from CoinMarkCap. The market cap value of this cryptocurrency is $236,098,013 USD for the 24h volume of $17,331,097 on March 01 2019 at 10:39 UTC which is relatively higher than the mcap value of $226,225,595 USD on February 01 at 07:34 UTC by 4.36 percent. The mcap value of this cryptocurrency crossed 280 million USD between January 2nd and 3rd, reaching its highest on January 3 with the value of USD 283,768,085. However, the market started going downtrend post it’s an all-time high. It reached its lowest on February 08 with the value of USD 217,514,252 which is 8.54% lower than the current value. Nevertheless, the market has started improvising at a slow pace with the differences in the risen values being insignificant. The increasing market value exerts a bullish pressure on the cryptocurrency, and the 20-day exponential moving average falls in support of it. Though the percentage increase is as tiny as 1.74% with the mcap value growing from $232,768,085 USD to the current value, the upward movement of the values gives the bears the upper hand.
CoinMarketCap has also been observing the prices of USD and BTC along with the MCap values. The present-day price of BTC and USD are 0.00000052 and $0.001993 respectively at 10:39 UTC. Stats show that, although the MCap value and the price of USD have been on a similar wave with the ups and downs in the same period, the price of USD has dipped very low from its peak price of $0.002412 on January 03 at 02:34 to the current value by 17.37%. However, the cryptocurrency reached its milestone between February 14 and February 19 when the price of USD hiked from $0.001888 to $0.002116, an increase by 12.08 percentage, in a short span of 5 days. The price of BTC has been on the downtrend, and it hasn’t joined the MCap’s gain. The analysis shows that BTC had dropped from an all-time high of 0.00000063 on January 2, 2019. Anyway, the high values did not sustain for long and have been on a downtrend reaching its lowest 0.00000052 – present-day value. However, the MCap value of the cryptocurrency surpassed the bitcoin’s value with its current value. The market reached its peak on January 03 at 02:34 UTC with its MCap value as high as USD 283,768,085, the prices of USD and BTC were $0.002412 and 0.00000062 for the corresponding 24h volume of $17,916,017. The market, on the whole, has not been consistent.
The 14-day moving average shows values ascending from 225,627,888 USD on February 15 to current value with a 4.64 percent increase. Though both the averages point towards the uptrend, the percentage rises in both the averages are insignificant, which points the market balance in favor of sellers. Hence, any investors with long term investment plans should observe the market trend before taking a step further. Once the values increase steadily, it will turn out advantageous for the traders, and they will attain more benefit from it. Traders will have to sideline to explore the market further before indulging in any investments.