What started as joke gained traction abruptly as the communities started talking about it and created memes on the same which went viral in a blink of an eye. Dogecoin (DOGE) forked from Litecoin and is a blockchain based cryptocurrency mainly used to reward contributors of unique content on Twitter & Reddit. It is one of those cryptocurrencies which has a strong community of followers who invest in it, mine it & popularize it on all possible media channels. The cryptocurrency has been run by its supporters and is now making significant amends in the underlying technology to make it sustain the volatility of the crypto world. It has gained the love and affection of the community of followers, but it needs to secure the trust of investors and key market players to remain in the game in the long run.
Currently, the circulating supply of the coin is equivalent to the total supply which is 119,378,216,796 DOGE. The ROI has reached over 369.88%. As on May 06, 2019 at 07:34:00 UTC, the market cap of the coin is 312,055,625 USD, the price is trading at 0.002 USD & 0.00000046 BTC and the 24h volume is recorded as 34,062,551 USD. As per the CoinMarketCap top 100 cryptocurrencies list, Dogecoin is ranked at the 28th position in the top 100 cryptocurrencies list tailing Bitcoin Gold with a marginal difference.
The downward trend of over -33% has been seen in the past one month. As on April 10, 2019, at 16:49:01 UTC, the market cap of the coin was reported as 362,165,947 USD, the price was trading at 0.003 USD & 0.00000058 BTC, and the 24 h volume was 49,433,678 USD. In the past 30 days, the highest price peaked to 0.003 USD while the lowest was noted at 0.002 USD. A similar pattern was seen in the last 7 days as well. The all-time high price of Dogecoin has been 0.01 USD which was on January 7, 2018.
The world of cryptocurrencies is volatile and unpredictable, and this has been a blessing in disguise for a currency like Dogecoin which has nothing to lose but a lot to gain as it plans to take on its competitors and stay in the long run. Although the technology and concept behind the platform are basic, but the immense support of the communities and crypto enthusiasts has made it climb the coin ladder in absolutely no time. The firm has to seek new partnerships which can help the coin grow and increase its usability. As of the awareness part, it is already out there in the market as the popular poster boy. In the next 5 years, the price can reach as high as USD 10, and it can be around USD 2 in the next 2 years given the coin sustains the market changes and remain relevant by reinventing itself continuously.