When bitcoin emerged in 2008, nobody even slightly predicted its popularity among masses or that it would create an entire cryptocurrency industry behind it. Currently, the entire market consists of more than 5000 different cryptocurrencies.
In this article, we are going to study one such cryptocurrency namely Dogecoin that although started as a joke, but has become massively popular by now.
What Is Dogecoin?
Originally created as a meme, Dogecoin is an open-source and peer to peer cryptocurrency. The Dogecoin market cap is worth nearly $230 million today. Currently, it ranks 33rd on the crypto market.
Well, how old is DOGE? Introduced in 2013, this coin features the Shiba Inu dog as its logo. This significance of a dog became a viral internet meme that gained mass popularity concerning this cryptocurrency. In just a matter of time, the cryptocurrency became the talk of the town and its followers started calling them ‘Shibers’.
The significance of Dogecoin lies in its simplicity to provide a medium for blockchain transactions. It’s based on Litecoin, another popular cryptocurrency, and provides an interface for peer to peer secure transactions using blockchain technology. Its native cryptocurrency is demonstrated as DOGE.
Dogecoin Price: What Does It Depend Upon?
Similar to most of the altcoins in the market, Dogecoin follows in sync with market movements. Since Bitcoin (BTC) dominates the market by nearly 65%, the Dogecoin price is correlative to the price of bitcoin.
Based on the correlation coefficient analysis, the DOGE to BTC comes to be 0.65, wherein -1 represents the strongest negative correlation while +1 represents the strongest positive correlation. Hence, a huge factor of DOGE is dependent upon the price of BTC.
Other than that, another significant factor is Dogecoin news updates. For instance, if the team announces that it has partnered with a major retailer or it is releasing a new update, this may immediately have an impact on the price of DOGE. In order to keep yourself updated, you may suggest using search queries like Dogecoin news today so as to gauge if its market is showing an upward or downward trend.
Another factor is how much attention the coin gains in the media space — like in 2019, when Elon Musk posted a Dogecoin meme on Twitter:
Dogecoin Price Prediction 2020
We have established the fact that a large portion of Dogecoin’s price is dependent upon the value of BTC. Since a number of predictions, as well as events including bitcoin halving, all suggest an upward trend in the movement of bitcoin, this directly impacts the price of DOGE and subsequently suggests an upward trend in its price as well.
But please note that this upward trend is in the denomination of Dogecoin to USD. As the price of BTC will increase, it is much more likely that even the smallest unit of BTC, Satoshi, would be worth much more than 1 Dogecoin.
According to Digitalcoinprice, Dogecoin will reach $0.0049 in 2020 while Cryptoground predicts that by 2020 end, DOGE might reach $0.0033. According to Beincrypto, the price of Dogecoin will reach $0.0036 by the end of 2020.
Dogecoin Long Term Price Prediction
Apart from this, here are a few Dogecoin price USD predictions that have been made in the market.
- Crypto Ground predicts that the future prospects of Dogecoin are good. And in 5 years from today, it may be valued around $0.0126. According to their algorithm analysis, it is good to invest in this cryptocurrency, for people who are expecting good results only after 5 years.
- Coin Predicto.io believes that the price of the Dogecoin will go up by the end of the year 2020. While they haven’t given any particular figure, they have predicted that the growth rate may be around 0.5%.
- Digital CoinPrice stated that the price of the Dogecoin price USD will go up to $0.00386773 USD by the end of 2020 and further rise up to $0.00817480 USD by the year 2025.
Where To Buy Dogecoin?
Now that you know the future prospects of Dogecoin, you might have come to the conclusion that it would be a smart move to invest in this cryptocurrency. But how can we buy it? Where do we buy it from? Is the buying process too complicated?
ChangeNOW facilitates a simple and easy way to buy Doge in a few simple minutes. All you have to do is exchange your BTC or any other crypto for DOGE. Enter the Dogecoin wallet address where you want to store your coins. That’s it! It is a superfast, safe, and secure way.
Thanks for reading! To learn more about Dogecoin (and to look up some nice Doge memes), visit the Dogecoin Review we’ve prepared for you.