Price Analysis

Dogecoin Is Definitely Going To Be A Good Long Term Investment

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‘Doge’ as the name suggests, is quite humorous to think of when we are considering the name of a cryptocurrency but, it is definitely our fun and friendly mascot. The concept of Dogecoin originated when Shiba Inu, a Japanese dog breed got immense recognition as an online meme. From then, it has represented Dogecoin. The special traits of this amazing crypto are that it is strikingly apart from other digital currencies as it has a great and vibrant community. Dogecoin like other cryptocurrencies is a peer to peer decentralized digital currency that enables a person to send money online. One can think of a Dogecoin as ‘the internet currency.’ According to the price predictions of the crypto researchers and analysts, one’s current investment on Dogecoin can return in higher amounts in the future in spite of volatility of the crypto market.

Current Status of Dogecoin (Doge) :
  • Doge is currently getting traded at the value of USD 0.002032 (UTC time 06:02).
  • Its current market rank among all the trading cryptocurrencies is 25.
  • Its current market cap has a value worth of USD 240,489,832.
  • At present, 118,362,617,090 DOGE is getting circulated in the crypto sphere.

Although Doge is currently on a bearish trend due to the lack of Dogethereum (a gap between dogecoin and ether chains) but, being one of the trending cryptocurrencies, it has a high value in this year.

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Price analysis of DOGE on the basis of the Doge charts:

Dogecoin chart

On the basis of the above chart, the current price of Doge is 0.002033 USD or 0.00000051 BTC (UTC time 06:06). It has a 24h volume worth of 18,172,926 USD with a market cap that is currently valued at 240,647,468 USD. From the same chart, the price of Doge on 30th January 2019, is seen as 0.001945 USD. So, within this approximately one month period, the price of this crypto has been increased by 4.52%. In the past few days, the price of Doge, although, is on a bearish trend, as it is evident from the chart above but, as mentioned earlier that, due to one of the most trending crypto, it has the capacity to become the default crypto for all kinds of merchant payments and aims to be so. Eventually, after some days, it is expected that this coin can lead to greater gains for the merchants and currently, it is also observed that the adoption rate of this digital coin has increased considerably.

What does the future of Dogecoin look like?

Well, the community and investors of Dogecoin have got high hopes from it, and as per the analysis of crypto predictors, their hopes will definitely not get perished. As per the analysis of the Crypto Ground, one Doge can touch $0.0032 at the end of this year. Another group of crypto analysts thinks that Dogecoin has the full potential to be on an upward trend in the upcoming days and its value can be more than half a cent. This coin has already got immense repute to the merchants as a great means of payment for goods and services. Doge is already giving a tough tier to IOTA and TRON, and within a short span of time, it has become one of the top 25 cryptocurrencies. Keeping all these factors in mind, it is expected that with a five-year investment, one can have revenue around +86.73%, i.e., if one spends $100 on it today, then it can be $186.73 in 2024.

Summing up :

So, from the above discussion, analysis, and prediction, it is cleared that Dogecoin is one of those cryptocurrencies on which the investors can hope to have higher returns. Moreover, with its expanding community, its number of investors will also rise, and it can make an advance move to fulfill its aim. With its present resistance of USD 0.002033, it can gradually move towards a bullish trend and thus, can positively impact all of its traders and investors.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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