For a long time experts laughed about the so called „Litecoin copy“ and recently it was even pronounced dead: DogeCoin. But now it seems to be livelier than anyone could assume. But why is that and what potential does DogeCoin still have?
First of all DogeCoin appeared on December 8, 2013. It is therefore one of the „older“ Altcoins. At the beginning euphoria was huge, the price rose to 250 Satoshi and all experts were sure that this will be just a snapshot. They assumed that this meme Coin would relatively disappear soon from the scene. And until a few days ago everything looked like DogeCoin dies, but then it went pretty fast, because DogeCoin is now back at over 100 Satoshi and greets with nearly 94 billion coins mined from the 3rd place of total market capitalization on cryptmarketcap.com. This means a total market cap of 35. 4 Million Dollar.
After the 51% – attacks against some coins the critical voices could be heard everywhere in the forums, that feared DogeCoin could get a victim of such an attack. Many „early adopters“ sold their coins because they were angry and began to look for other options. The price fell during this period down to 30 Satoshi. The bottom for a long time.
The developers then made a brilliant move, when they introduced the „merge-mining“. The Hashrate went up to 10 times the height and Doges` network was and seems to be secure in the future. You also can see this when looking at the price, which increased up to 75 Satoshi. The community behind DogeCoin has again scooped courage and DogeCoin was back. Not as present as in the beginning of the year, when price had risen to 250 Satoshi, but still a first sign of life. (Of course, the low price is also due to the current market situation.) No one could imagine what happend last week! PayPal announced in cooperation with GoCoin they will support virtual currencies like Bitcoin, Litecoin and also Dogecoin in the near future. With this act a lot of markets opened for this coins but nobody knows exactly, because nobody knows which companies are supported by GoCoin. However, some people talk about Netflix.
A huge market thus reveals itself! And also the users seem to be very satisfied with this step: The price rose to 120 Satoshi, the euphoria is back and the so called experts only shake their heads. The dog is very tough!
So what can be expected?
The posts in the forums, mostly drawn by euphoria or pessimism, currently spread absolute optimism. You can read a „doge to the MOOOOON“ in almost every post and there are creative Gifs.
People imagine a price between 120 and 150 Satoshi (but also values from 35 to 70 Satoshi). What can you really expect from this meme based DogeCoin?
Well, probably nobody knows for sure. However, considering the prevalence of DogeCoin on the entire world you can certainly expect a value of 250 Satoshi again. The only obstacle could be block reward halving coming in the next weeks. Most shibes are afraid because of this event, because last halving did not bring the expected price doubling with it. Just the opposite to be true. If this change runs positive this time, new peaks can be expected. As often the psyche of DogeCoiners will probably decide about where we are going to. Because if a lot of the users sell their coins because of fear the currency could collapse again, then value will break down and everyone who sold out of fear of course, feels affirmed. But also the exact opposite could happen.
So let’s wait, because DogeCoin is always good for surprises and not yet near the end of its journey. ._________________________________________________________________________________________
Disclaimer: The author of this article holds a small proportion of DogeCoins. The article is a result of the author’s experience in the field of DogeCoins and gives an insight view into the market situation of DogeCoin. Action with crypto currencies may lead to a total loss. BTC-Germany assumes no liability.
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