Dogecoin is a decentralized peer-to-peer cryptocurrency also known as the popular internet currency. It is known for its easy money transfers online; It gained popularity in a short period of time and is used by retailers to accept payments. Your friendly mascot, Shiba Inu, a Japanese breed of dog that became famous as an internet meme and represents the Doge crypto coin. Dogecoin is based on another cryptocurrency – Luckycoin, which runs the script under the proof of Litecoin working log. Therefore, Doge cannot be broken down by ASICs, only computers. However, Dogecoin is faster with transactions and confirmations. Dogecoin was used as a tipping system to reward the creation or distribution of high quality content.
Dogecoin is currently trading at $ 0.002892 for the market cap value of $ 344,101,839 on April 09 at 10:54 UTC. Based on this report, Doge is the 25th largest cryptocurrency in the crypto market. This also depends on the supply of 119,002,829,070 coins in circulation and the 24-hour volume of $ 56,017,209. The coin market capitalization has estimated the approximate return on investment at 415.79%.
Market trend expansion
The Dogecoin market was linear and stable with insignificant fluctuations in price movements or trade values. Market capitalization has been completely between $ 240 million and $ 270 million as of early 2019, and the price has been between $ 0.001800 and $ 0.002300. However, almost all cryptocurrencies were exposed to a value increase along with Bitcoin in April 2019. Dogecoin’s Mcap value rose from USD 247,937,662, trading at 0.002085 on April 1, to USD 479,172,746 and the price at USD 0.004029 per Doge on April 4 at 15:34 UTC. Within a short period of 3 days there was an average increase in both values of 93.25%. However, the current value has deteriorated 39.29% from its high.
According to Wallet Investor cryptanalysts, a long-term increase in the price of Dogecoin is expected. It is estimated that Doge will be purchased by the end of 2019 and according to $ 0.00373 per token Dogecoin predictionsThe coin is expected to rise by $ 0.00534 through the end of 2023. Similarly, Cryptoground is forecasting a 53.69% increase in the DOGE price to $ 0.0043 by 2020 and a further increase of 365.03% by 2024. The price is expected to reach $ 0.0131.
The current market is being shut down by the bears. However, the overall market is showing an improvement over its past. This can be exploited through short-term investments. Once the market has stabilized, long-term investments will bring profitable returns.