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Dogecoin to New Zealand Dollar Exchange Rate
Refreshing in: 60s | Thu, Oct 22, 09:26AM GMT
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Historical rate chart of DOGE and NZD
Dogecoin: the original “joke currency” with potential for growth
After growth rate of nearly 500% in 2017, the prospects for Dogecoin going into the future should be watched carefully.
A US$1,000 trade in Dogecoin in 2016 would have netted US$490,000 in profit a year later. That amount equals a 490% increase. Are the conditions right for a similar percentage gain in the future?
At the beginning of 2018, Dogecoin (DOGE) was trading at US$0.009, cooling off from its record high of just over US$0.01. For any trader, it’s important to remember that in the year 2017, there was a thirtyfold increase in global cryptocurrency market capitalisation.
As the DOGE community says, “DOGE isn’t the end of cryptocurrencies… it ‘s the beginning.” With confidence like that, it is easy to see how the daily trading volume in DOGE has increased.
In January 2017, the average daily trading volume was US$188,000. By Christmas Day 2017, at the height of a bull run, DOGE recorded a whopping US$162 million worth of trades.
DOGE has turned into a bull
For what was initially intended to be a “joke currency”, DOGE has performed well and at the start of 2018 was valued at just over US$0.09. Numerous twitter feeds looking for the next cryptocurrency bull run under US$0.01 consistently choose DOGE.
The question with DOGE is: What is its value based on? Being a joke currency, does it have a chance of being a genuine form of money? Obviously, there is some demand for DOGE since there are miners willing to process the transactions, but whether people are using it as a currency or simply for speculative trading is hard to know.
Given that there is a maximum of 100 billion units of DOGE, and that those units have already been mined into existence, all the transactions that are taking place on the DOGE blockchain are being conducted for a fee.
If the profitability of mining DOGE falls away, will it still have some use as a currency? It’s not clear when or if that will happen, but this is a key development that buyers should be aware of.
Market rate for common transfer amounts DOGE to NZD
|Dogecoin (DOGE)||New Zealand Dollars (NZD)|