Dogecoin (DOGE) Analysis: Dogecoin’s Spike in Price Begins to Reverse After Lasting Several Days
Dogecoin is a decentralized peer to peer cryptocurrency, also known to be a prominent internet currency. It is known for its easy monetary transfers online; it gained popularity in a short period and is used by retailers to accept payments. Their friendly mascot, Shiba Inu, a Japanese breed of dog shot to fame as an internet meme and represents the Doge crypto coin. Dogecoin is based on another cryptocurrency – Luckycoin, which runs the script under proof of work protocol from Litecoin. Hence, Doge cannot be mined by ASICs, instead only mineable by computers. However, Dogecoin is faster with transactions and confirmations. Dogecoin has been used as a tipping system to reward the creation or sharing of quality content.
Dogecoin is currently being traded at 0.002892 USD for the market cap value of USD 344,101,839 on April 09 at 10:54 UTC. Based on this report, Doge is ranked the 25th largest cryptocurrency in the crypto market. This is also dependent on the circulating supply of 119,002,829,070 coins and the 24-hour volume of $56,017,209. Coin market cap has estimated the approximate return on investment to be 415.79%.
Market Trend Expansion
Dogecoin’s market has been linear and stable with unsubstantial variations in pricing movements or trading values. The market capitalization has been completely bound to ranging between USD 240 – 270 million and the price varying between 0.001800 USD and 0.002300 USD since the beginning of 2019. However, almost all the cryptocurrencies faced an up thrust in values along with Bitcoin in April 2019. The mcap value of Dogecoin surged up from USD 247,937,662 trading at 0.002085 on April 01 to USD 479,172,746 and price if 0.004029 USD per Doge on April 04 at 15:34 UTC. There was an average raise of 93.25% in both the values within a short span of 03 days. However, the current value has deteriorated from its peak by 39.29%.
According to crypto analysts from Wallet investor, a long-term increase is expected at the price of Dogecoin. Doge is estimated to be purchased at 0.00373 USD per token by the end of 2019 and as per Dogecoin predictions, the coin is expected to increase 0.00534 USD by the end of 2023. Similarly, Cryptoground predicts the price of DOGE rising by 53.69% by 2020, reaching 0.0043 USD and increase further by 365.03% by 2024. The price is expected to reach 0.0131 USD.
The current market is being run down the bears. However, the overall market shows an improvement from its past. This can be taken advantage of by short term investments. Once there is a stabilized growth in the market, long term investments will give profitable returns.