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Dogecoin: the original memecoin with potential for growth
After an incredible growth rate of 11,000% in the first quarter of 2021, the prospects for Dogecoin should be watched carefully.
A US$1,000 investment in Dogecoin one year ago is now worth $229,000 That amount equals a 22957.6% increase. The question is it possible for these gains to continue?
At the beginning of 2020, Dogecoin (DOGE) was trading at US$0.0017. For any trader, it’s important to remember that from 2020 to 2021, there was a twenty-time 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 and value of DOGE has increased.
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.
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Market rate for common transfer amounts DOGE to USD
|Dogecoin (DOGE)||US Dollars (USD)|
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