Price Analysis

Dogecoin (DOGE) Price Analysis: Will Dogecoin Reach For The Stars?

Dogecoin (DOGE) is a decentralized, peer-to-peer digital currency on the blockchain platform that enables one to send money quickly. It was incepted on December 6, 2013. Initially, it was created as a fun cryptocurrency to reach a wider customer base than Bitcoin and has the “Doge” Internet meme as its logo. There is no limit on the number of Dogecoins produced. Over the years, Dogecoin has managed to build a loyal customer base and is one of the biggest currencies in the crypto market.

Dogecoin Price ChartAs on May 2, 2019, at 8:54:01 UTC, the market price of Dogecoin is 0.002536 USD. Price is 0.53% up from the last closing price. Current market cap is around USD 0.3 billion, 24 h volume is at USD 0.03 billion and ROI is at 351.86%. Dogecoin’s current rank is 27 in the crypto market.  In the last 24 hours, the highest price was 0.002560 USD and the lowest price was 0.002477 USD. As on April 2, 2019, at 8:59:01 UTC, the price was 0.002443USD. An upward movement in price over the last month was to the extent of 38.06 %. Due to the market downturns last year, DOGE’s price also took a hit but now in April 2019, it is slowly rebounding back.

Analysts’ Prediction for Dogecoin for 2019:                

Analysts’ predict that if DOGE sustains the bear run, then it would do well next year. Strong fundamental features like faster transaction speed, low transaction costs, and high security make it one of the most attractive coins for investors to invest in. Its growing intrinsic value will help pull in institutional investors. Also, it is listed on Trust Wallet; this is a major boost for Dogecoin because Trust Wallet lists only those cryptocurrencies which show potential. The DOGE development project is also expected to be completed by 2020; this would make it more user-friendly. The coin has a strong community which is working hard for the adoption and development of Dogecoin as an alternate method for value transactions. The coin is also developed with social well-being in mind; it is always giving to charity. Dogecoin’s price swings are related to Bitcoin’s price swings. If Bitcoin is going for another bullish trend, then DOGE is set to follow it.

Two main factors are going to affect the price of Dogecoin in the near future; one is the entry of new investors and second is the linear growth of the crypto market as a whole. It is one of the most consistent coins and this has helped it to consolidate its position in the market. It could be fairly said that there is a strong likelihood for Dogecoin to be the coin of the future. According to analysts’, the coin will witness price fluctuations this year, but DOGE is still a healthy investment for a long term perspective.

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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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