The cryptocurrency Dogecoin has caught the phase of development since the year 2013. The actual owner of the currency wanted to create something fun and not boring like Bitcoin. They had the thought in the mind that the fun cryptocurrency would appeal to larger masses in the cryptocurrency market than the traditional ones such as Bitcoin.
This year the popularity of the Dogecoin is increased and people who know and follow cryptocurrency has must have heard about it for sure. The currency has many fans on the internet also. Most of the people on twitter and Reddit always praise and support the Dogecoin. The symbol of the Dogecoin “Shiba Inu” or Doge is also very popular among the people.
It is a play a part of being a fun cryptocurrency for people on the internet, but it also does a serious business as cryptocurrency too in the crypto market. The crypto was derived from the Litecoin’s variation code-named “LuckyCoin”. The “LuckyCoin” is also basically based on Bitcoin. The Dogecoin and Litecoin utilize similar mining algorithm named Scrypt and that’s why Dogecoin acquires smaller block period as compared to Bitcoin. To mine the coins the usage of ASIC a specialist is very difficult due to Scrypt.
The Dogecoin is just not fun; it has done some serious business in the crypto market too. Earlier in 2014, the currency raised around $25,000 for the entry of Jamaican Bobsleigh team into the Winter Olympics in Sochi. On the other hand, Dogecoin is inflationary and not like Bitcoin, which has limited mining value of 21 million. As per the data of CoinMarketCap the currency has over 120 billion DOGE in circulation.
Dogecoin DOGE/USD Previous Year’s Performances: In the period of two years, between July 2015 to March 2017 the currency was hovering between the value of $0.0001 to $0.0004 with very low variations in the value. The currency has a rise in the value around the time of mid-2017 to early 2018.
The value of the currency reached up to $0.003747 on May 23, 2017, while a few days ago on May 16, 2017, it was trading at the value of $0.001066, making it almost 251% rise in the value. Unfortunately, the value of the currency decreased up to $0.001134 by late September. Luckily, the currency again traded towards the high by late November.
The Dogecoin gained the all-time high price around the virtual currency highs around the course of winter 2017 to 2018. The currency reached around the value of $0.017491 on January 7, 2018, and the currency is increased by 1,442%. On the other hand, the values of the other currencies highly dropped following the year 2018. However, the value of the Dogecoin showcased two bullish rallies, first around April when the value reached $0.005868 from the value of $0.002708 and the second around late August, the value of the currency reached around $0.006575 from the value of $0.002321, in the time of two-week.
On December 2018, the currency was trading at the value of $0.002360 and the value got highly decreased from its place where it has been in the early January of 2018. It was around 86% downfall from its all-time-high value of January.
Dogecoin/USD Quarter 2: In the early quarter of 2019, the currency was started to trade around the value of $0.002 and around April, the currency started to trade higher in the market. Now, the value of the currency is rising at a slow pace.
At the end of quarter 1, Dogecoin was around $0.002075 and for the next four days, the currency value raised around $0.003854. Unfortunately, the currency again faced a bearish pressure and the value dropped up to $0.002873. The currency dropped was noted in the market, but the currency still had 38% high value from the starting value of Q1.
The currency gained two bullish movements in the quarter 2, the first one was around mid-May and the value of the Dogecoin increased up to $0.003388 on May 16 from the value of $0.002480 of May 10. Unfortunately, the value of the currency fell back by 16% in the 24-hours and reached up to $0.002849. The second one was around the end of May; the value increased up to $0.003578 from $0.002968. But, the currency was again dropped up to the value of $0.003010 on June 6, 2019.
These all value increase and sudden decrease may seem unsettling, but still, the currency has been so good so far and it is more fruitful for long-term investors. The currency ended the second quarter with the increase of 60% in its value; it was begun with the value of $0.002086 and finished with the value of $0.003356, along with its ups and downs in the market.
Main Highlights of Quarter 2: The currency is a very popular meme on the internet, but this is not bad for the crypto and on the other hand, it is working as a promotion of the coin among the interested people. It also keeps the fun alive for the traders.
The currency came into a highlight on internet, when the CEO of Tesla, Elon Musk tweeted that “Dogecoin was his favorite cryptocurrency” and for adding more fun he changed his bio on twitter stating “CEO of Dogecoin”, but after sometime later he changed it to “retired CEO of Dogecoin”. This tweet and change of bio by Musk drew more attention towards the currency.
Further, in April, the virtual currency was on the world’s top 10 virtual currency exchanges by Huobi. As per the CoinMarketCap, Huobi is among the top 20 markets for Doge. It was listed on April 4, the same day the value of currency begun to retreat its previous quarter increase. This anticipation of listing acts as a positive stimulant for the value of the currency.
Another declaration was from the other big cryptocurrency exchange of the world, Binance that it would also be listing DOGE on their exchange. In early July, Binance put an end of the news by listing DOGE. The value of the crypto increased and given a great start to quarter 3 of Dogecoin.
Prediction about Quarter 3 of Dogecoin: Listing of Dogecoin on different exchanges might give the value of the currency a good increase in the Q3. The currency still has to maintain the value and its strength it showed in the previous quarter. The currency has shown some signals of bullish momentum in its value.
The experts are thinking that due to the second quarter’s the currency value was little unsettling and the short-period prediction is looking excellent. Still, Dogecoin is looking positive and promising for quarter 3.
News Source: TheCoinRepublic