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Dogecoin to Pound Sterling Exchange Rate
Refreshing in: 60s | Fri, Feb 28, 07:18PM GMT
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Historical rate chart of DOGE and GBP
Dogecoin: the original “joke currency” with potential for growth
After an incredible growth rate of 490% in 2017, the prospects for Dogecoin in 2018 should be watched carefully.
A US$1,000 investment in Dogecoin one year ago would have netted US$490,000 in profit. That amount equals a 490% increase. The question is, are the conditions right for a similar percentage gain in 2018?
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 thirty-time increase in global cryptocurrency market capitalisation. This means that for the well-schooled buyer, DOGE may be one of the cryptocurrencies to watch out for in 2018.
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 recent 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 GBP
|Dogecoin (DOGE)||Pound Sterlings (GBP)|
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