Is Dogecoin out of its Short-Term Downward Trend?

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Dogecoin is a blockchain based peer-to-peer cryptocurrency. This cryptocurrency was introduced into the crypto market as a “joke currency due to the likeness for Shiba Inu dog from DOGE meme. However, it quickly exploded into the market, controlled solely by the power of online communities to help it rise. The market value grew with the users and internet communities designed around sharing the currency and posting memes about the coin online. This attention drove the digital currency, putting it among the top cryptocurrencies in the market. Dogecoin was introduced to keep the market fun and fresh and to avoid the shortcomings of other cryptocurrencies including Bitcoin.

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 with 5.256 billion coins added to it every year after that. By mid-2015, the 100 billionth Dogecoin had been mined. It experienced its major crash by dropping 80% the month it was introduced, due to the hack on the online cryptocurrency wallet platform Dogewallet. However, it came back to form in a month and exceeded Bitcoin’s market briefly.

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Doge charts

 

Based on the reports from CoinMarketCap, Dogecoin (DOGE) is the 26th largest cryptocurrency with its market cap value as $233,556,443 USD on February 21, 2019 at 11:44 for the corresponding 24h volume of 24,490,497 USD which is relatively lower by 15.93 percentage from the value of 277,799,028 USD on January 07 at 00:34 UTC. The overall market has been on a downtrend with inconsequential highs. The market value reached its lowest on February 07 with its MCap value – 217,641,741 USD. However, the current value shows that the market hiked a 7.31 percent high since then. The 20-day Exponential Moving Average shows that the market is an uptrend, with its values rising from 223,964,560 USD February 5th to the current value by 4.28%. Though the growth percentage is minimal, the uptrend values push the digital currency into bullish pressure.

CoinMarketCap has also been observing the prices of USD and BTC along with the MCap values. The present prices of USD and BTC on February 21, 2019, at 11:44 USD are $0.001973 and 0.00000051 respectively. Stats show that the MCap and price of BTC have been running parallel with the Market cap value slightly exceeding the price of BTC. The price of USD has been on a complete sway with values rising too high or going too low. The peak price of USD so far has been 0.002418 on January 2nd, and the lowest has been 0.001842 on February 07. The price of BTC started as high as 0.00000063 at the beginning of January 2019 and has dipped 19.05 percent to reach the present-day value. Both the BTC pricings and the MCap values have been on a similar wave, with the same level of ups and downs. The market reached its peak on January 03 at 10:34 UTC with its MCap value as high as 282,437,355 USD, the prices of USD and BTC were $0.002400, and 0.00000061 for the corresponding 24h volume was 17,462,940. The numbers went downhill after that, but it started ascending moderately recently. The cryptocurrency reached its milestone with the price of USD shooting from 0.001842 USD on February 07 to 0.002116 USD on February 24, a 14.88% growth in 17 days.

The 14-day moving average shows values ascending from 225,657,527 USD on February 11th to 233,556,443 USD (current value) and a 3.50 percent increase. Though both the averages point towards the uptrend, the percentage rises in both the averages are borderline and not outstanding, which points the market balance in favor of sellers. Hence, any investors with long term investment plans should observe the market trend before taking a step further. Traders will have to sideline to explore the market further before indulging in any investments. Once the values increase steadily, it will turn out advantageous for the traders, and they will attain more benefit from it.

Ankita Baruah

Ankita has recently joined the CryptoNewsZ team. She has a master's degree in English Language and Literature and 10+ years of experience in dealing with different types of content for print as well as digital media. Writing is her passion. Precision and originality is what she believes in and makes sure she abides by them in her write ups. When Ankita is off work, you will find her engrossed in books or enhancing her culinary skills!! You can also mail her at [email protected] to discuss anything related to her reports.

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