Crypto

Dogecoin (DOGE): Price Analysis

Dogecoin is a cryptocurrency featuring a resemblance of the Shiba Inu dog from the “Doge” Internet meme as its logo. Introduced as a “joke currency” on 6th December 2013, Dogecoin developed its own online internet community and reached a market capitalization of US$60 million in Jan 2014, and when compared with other cryptocurrencies, Dogecoin currency had a fast-initial coin production schedule. About 100 billion coins were in circulation by mid-2015, with an additional 5.256 billion coins every year after that. Dogecoin was created by Billy Markus who was from Portland, Oregon and Jackson Palmer from Sydney, Australia.

DOGE was created as a light-hearted cryptocurrency with the intention to reach out to the core Bitcoin audience. Dogecoin is the 24th largest cryptocurrency with its current market value trades $220,671,677 (12:18 UTC) on February 06. But the value dropped by 32.6% when compared to Jan 6th. The drop is mainly due to the pressure from various factors that affect the competitive position of the company.

The DOGE/USD showed a rise in economic value from Dec 16th to 26th. The Dogecoin trading volume does not look good at the current moment, and there is a downward trend in the prices of industry’s stock going on right now, and it takes some time for the upward trend to take place.

Let us see the achievements of the cryptocurrency in the recent past. The DOGE/USD pair remained range bound from November 25 to December 17 last year.

The cryptocurrency marched ahead from a low of $0.00195 to a high of $0.00312 which is a 60 percent return within 22 days.

Coming to the trade and market capitalization analyzed by CoinMarketCap:

The market cap trades at $220,671,677 (12:18 UTC) on February 06 with the Price (BTC) 0.00000054 and Price (USD) is 0.001851 so an overall of 14,589600 USD (12:22 UTC) can be expected. So, with the results, we can see the BTC trade reached the best value of all time on January 02 above both market cap and USD price. However, from January 30, the Market Cap took a good steer ahead by trading above both price conversion – USD and BTC.

If the stock market reaches above the current resistance level $0.001986 (12:16 UTC) the investors will buy more currency and increase the value. But, when we consider the current trend the next level could be $0.00185.

The DOGE value will always create great interest in the crypto-currency industry. Since it has proved that it is the most stable coin till date irrespective of the direction the price goes. Although the Dogecoin is in continuous fluctuation, currently it remains one of the top 25 cryptocurrencies. We cannot jump into a conclusion too early. Let’s hope Doge will satisfy the investors in the near future.

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