Price Analysis

Dogecoin Price Analysis: Can Dogecoin’s Over-centralization Affect its Growth?

  • Four Investors control 55% of the Dogecoin network- Dogechain.info.
  • The 2019 target price remains at 0.5 USD.

The one thing that has given the edge to cryptocurrencies over other established fiat currencies is the idea of decentralization. Coins haven claiming decentralization of their coins but there are some examples which can destruct their claims. Recently, the debate over decentralization again erupted with respect to Dogecoin (DOGE) as well. Dogecoin (DOGE) with a market cap of around 372 million USD has been alleged of centralized control. As per the data of the official Dogecoin block explorer, Dogechain.info, only four miners control 55% of the Dogecoin network. This has led to suspicion by the users. Centralization of this degree can easily impact the market if the four investors try to back out or double spend. However, the future course of Dogecoin in the medium-term is bullish. The 2019 target should be half a dollar. We should now analyze the current figures of the coin.

DOGE Price Statistics-

Dogecoin Price Chart

Dogecoin (DOGE)30th May, 02:39 UTC
Rank29
ROI (Return on Investment)457.22%
Circulation Coins119,712,088,929 DOGE
Market cap372,729,125 USD
Value in USD 0.00318311 USD
Value in BTC0.00000036 BTC
24h volume75,068,475 USD

Doge Price Comparison-

Dogecoin (Doge) since the starting of this year has started falling. And it reached its lowest point on 06th February at 0.00183247 USD before rising. The April market boom is the biggest contributor to Dogecoin’s growth. Over just 5 days, the coin managed to grow 79.25%. The market cap on 30th April was 293,410,974 USD and the value of each coin was 0.00262983 USD. The current market cap and the value of each coin are now respectively 27.03% and 21.03% more than the figures for last month.

Doge Price Prediction-

Despite the allegations of over-centralization, the coin will grow at a decent pace. The medium-term and long-term outlook is bullish. The current value will be facing resistance at 0.01 USD and 0.05 USD in the short-term.

Conclusion-

New entrants are welcome to the growth story. Existing holders need to keep patience at least until the 1st quarter of 2020 to realize a good profit.

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David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.
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