The current price of Dogecoin (DOGE) fluctuates around $0,002060; the total market capitalization is $252,556,102, which makes DOGE one of the Top-30 most popular digital currencies as of December 2019. The circulating supply is 122,618,132,593 DOGE.
The all-time high of Dogecoin, $0,018773, was reached in January 2018. The estimated ROI (return on investment) of DOGE is 268,60%, which means that $100 worth of DOGE bought at the time of the Dogecoin launch would yield $269 today.
Remarkably, Dogecoin managed to reach a total market capitalization of over $2 billion. A tremendous rise in popularity experienced by Dogecoin through the years after its creation, mostly due to Reddit and various social media platforms, finally led to an incredible increase in price by the end of 2017 – the beginning of 2018. However, the increase was also tied to the general bullish trend on the cryptocurrency market, and once it came to an end, the DOGE price began to drop steadily.
Due to the loss of public attention and general stagnation on the market, 2018 was a tough and bearish year for DOGE. Despite several short peaks, the price kept falling throughout the year and continued doing so in 2019. DOGE was falling along with the market. However, it is worth noting that Dogecoin was capable of recovering faster than Bitcoin and some other major currencies. Besides, the drops were not as dramatic in the first place, compared to those of Bitcoin. The popularity of Dogecoin has been quite stable throughout 2019.
According to Google Trends, Dogecoin has the most dedicated audience and popularity in Venezuela. As with other digital assets like Dash, DOGE has proven to be extremely popular in countries with struggling financial systems, such as Pakistan, Bangladesh, the Philippines, and Nigeria.
Long-term prediction of the Dogecoin price can be hard due to its close link to the cryptocurrency market movements and the price of Bitcoin. Not least important, DOGE has the official support of Elon Musk. WalletInvestor predicts a slight decrease in Dogecoin’s price by the end of 2019, but in 2020 a positive trend is expected for the asset. The overall consensus of the different forecast is that Dogecoin (DOGE) might double in size throughout 2020 while growing even more in the next five years. The increase may be driven by new partnerships, as was the case with Airbnb earlier in 2019. Read more
What is Dogecoin?
Dogecoin (DOGE) is one of the most well-known (and loved) coins within the crypto community – not only due to its mascot, the Shiba Inu dog from the “Doge” Internet meme. Presented back in 2013 as a joke coin, it turned out to be a much bigger success than anyone could ever envision.
Launched by an Americal programmer Billy Markus as a Litecoin fork, it was supposed to serve as a fun and more convenient alternative to Bitcoin. Just as Litecoin, it is implemented in C++ and uses the Scrypt function in its hash algorithm. However, DOGE is even “lighter” than Litecoin, being mined 2.5 times faster. The potential supply of DOGE is unlimited – unlike Bitcoin and Litecoin. A curious feature of Dogecoin was its high initial production rate: just two years after its conception, 100 billion coins had already been mined.
There are a few mainstream commercial applications of Dogecoin; however, it became a signature currency to use as an Internet tipping system. Social media users give Dogecoin tips to other users for providing noteworthy or curious content. The Dogecoin community has also encouraged fundraising for charity purposes.
The low entry barrier of Dogecoin, driven by its low price, is what makes DOGE more accessible and appealing to the public that some of the major cryptocurrencies. To this day, despite a turbulent history, Dogecoin remains one of the best-known digital currencies even outside of the community. The specific niche occupied by DOGE, that is, the online tips and charity, will likely not be replaced by any other coin in the nearest future.
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