Dogecoin is a blockchain based peer-to-peer cryptocurrency that was introduced into the crypto market as a “joke currency” due to the likeness for Shiba Inu dog from DOGE meme. It rapidly exploded into the market, controlled solely by the power of online communities to help it rise. Dogecoin was introduced into the market of December 06 2013. Due to its popularity between the internet users and the communities, it reached a capitalization of USD 60 million in January 2014. It had a huge initial coin production. 100 billion coins were mined and circulated by mid-2015. By mid-2015, the 100 billionth Dogecoin had been mined. Dogecoin was introduced to keep the market fun and fresh and to avoid the shortcomings of other cryptocurrencies including bitcoin.
Based on CoinMarketCap’s analysis, Dogecoin is ranked 26 largest cryptocurrency and its market cap value is $240,982,218 USD for the 24h Volume of $22,003,552 USD on March 13 at 11:24 UTC. This is based on the total circulating supply of 118,626,632,663 DOGE coins. The current market value is relatively higher compared to its corresponding value on February 11 of USD 226,557,981. There has been a 6.37% hike from the past. The Mcap value was as high as 276 million at the beginning of January 2019. However, the market has been on a downtrend after touching 284 million on January 02 at 04:34 UTC. Although moderate, the recent values show that the MCap values have been on a steady rise from February 08. The 20-day EMA also displays an uptrend on comparison with the present-day values. The differences between the values have progressed by a very negligible percent though. The overall rising value puts the digital currency on a bullish pressure.
The analysis on the DOGE/USD pair predicts the current value of this pair to be USD 0.002031 at 11:24 UTC. Stats on the pair show that the MCap value and the USD have been running parallel to each other from the beginning of January 2019 and briefly merged between January 26 and February 18. This cryptocurrency reached its milestone when it was range bound between February 17 and February 24, as DOGE’s price of USD rallied from a low of USD 0.001946 to a high of USD 0.002120 which is 8.94%, an increase within one week. Stats also show that the price of BTC has taken the lead, followed by MCap/USD pair. The current value of BTC as on March 13 is 0.00000052 (11:24 UTC) Stats display the lowest price on February 24 with the value of 0.00000051 and a high on February 07 with 0.00000054. The price of BTC has been completely ranging bound with values ranging between 0.00000050 and 0.00000064, and the current value is intermediate with the value of 0.00000052. It reached its peak at the beginning of January which is 21.15% higher than the current value. The MCap and the price of USD and BTC were at its high on February 24 at 12:34 with their corresponding values of USD 250,941,800, $0.002120 and 0.00000054 respectively.
The 14-day moving average shows the values going uphill with a negligible percentage. The overall market moving uptrend gives the bulls an upper hand. Hence, it is an investment time for investors to get long term benefits. Traders can also take advantage of this rising market to earn a significant profit from their transactions. Investment from traders will increase the value of the cryptocurrency in the future.