Back in 2013, the unexpected rise of an unusual cryptocurrency broke the internet. Modeled after one of the most famous and cutest online memes, aka the Doge meme, the coin was actually created after a joke on Twitter. Currently, it looks like Dogecoin’s popularity is skyrocketing. Many studies have speculated that this coin might become one of the most popular cryptocurrencies in the world by the end of this year. Ultimately, what started as a parody has turned into multi-million dollar crypto in recent years. At the time of writing, DOGE’s market cap is nearing $360 million.
Additionally, famous figures like Elon Musk have praised the adorable Shiba Inu-inspired coin. Musk was even elected to be the currency’s fictitious CEO on Twitter. John McAfee, the creator of the popular anti-virus app, has also expressed his praise for Dogecoin. And the crypto was recently listed on Huobi Global, which is among the biggest exchanges for cryptos in the world. For those unfamiliar with it, Dogecoin is essentially an altcoin. Thousands of people use it as a substitute for fiat-currencies. Dogecoin can be used to buy things, trade, or even make money online. Overall, DOGE is popular for various uses, including the purchase of Amazon gift cards, goods, services, plus, you can also use Dogecoin in blackjack and other online games to make money.
The coin’s transaction fees are quite low, the transactions speed is quick, and the platform is user-friendly. Plus, the block time is quite fast at only 1 minute, and it has an inflationary cap. Dogecoin also appears to be a great investment opportunity since many members of the crypto community worldwide are hoping that the currency will defeat Bitcoin.
The Dogecoin Phenomenon
Back in 2013, market experts could never predict that Dogecoin would amass such a significant value by 2019. After all, the currency started out as a joke. Nevertheless, DOGE seems to be very versatile due to its investment opportunities and various uses as an altcoin currency. It has also raised quite a lot of money for charity, including $50,000 to fund a bobsled team from Jamaica and 40 million DOGE for rebuilding a river in Kenya. The DOGE community is also among the most active crypto communities, and it seems that the coin has a massive fan base.
The Mass Favorite in 2020?
Some of the Dogecoin features explained above provide good reasons to gain long-term investors. Currently, some of its most popular uses include giving rewards to Reddit and Twitter contributors. Currently, the crypto is 29th on the global crypto ranking list, and its ROI is 435.05%. The market cap is rising, too, and it’s currently at $356,860,156. Regarding the price, one coin costs $0.002984. In comparison, one DOGE is worth 0.00000038 BTC, and the crypto’s market cap is 45,481 BTC.
In terms of statistics, some patterns indicate that Dogecoin is becoming a growing trend. Additionally, the market cap increased by approximately $22 million since mid-April. What’s more, the crypto’s 24-hour volume is currently $57,331,619, and experts have noted an increase of more than 3%. Its highest price so far was 0.018 USD. There’s still a long way to go in order to catch up with Bitcoin and other popular currencies.
Some predictions claim that the price of one coin can increase to 0.0090 USD before 2019 ends. Furthermore, it could go up to $1 in 2020.
Much Famous, Many Doge, Such Happy, WOW!
Dogecoin is an example of an incredible increase in value and popularity since it was launched as a harmless joke six years ago. Overall, the altcoin has an effective business model that is suitable for mass appropriation. However, it still needs to make a more considerable impact. It would greatly benefit from partnerships, new investors, and endorsements in order to obtain a strong holding. So far, if the predictions turn out to be accurate, DOGE could have an incredible future.
Featured image: Chepicap.com
Source From : Coindoo News