Dogecoin to US Dollar Exchange Rate
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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 $1,000 investment in Dogecoin one year ago would have netted $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 $0.009, cooling off from its record high of just over $0.01. For any trader, it’s important to remember that in the year 2017, there was a 30-time increase in global cryptocurrency market capitalization. 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’s easy to see how the daily trading volume in DOGE has increased.
In January 2017, the average daily trading volume was $188,000. By Christmas Day 2017, at the height of a recent bull run, DOGE recorded a whopping $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 was valued at just over $0.09 at the start of 2018. Numerous Twitter feeds looking for the next cryptocurrency bull run under $0.01 consistently point to 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’s 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’s 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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