Dogecoin (DOGE) Price Analysis: Dogecoin Has To Reinvent Itself To Stay The Favorite Coin

Jokes can become a blessing in disguise. It surely did for Dogecoin. What started as a meme in 2013 has now become a global phenomenon with millions of followers and supporters. Dogecoin forked from Litecoin and is being used to reward the content contributors on Twitter and Reddit. Although the firm has made some strategic alliances here and there, nothing has been strong enough to establish it as a reliable, long term cryptocurrency. Elon Musk’s recent tweet on calling it his favorite currency caused a momentary stir but the firm has to find a strong ground to continue in the long run.

Current Statistics:

• Dogecoin is ranked at the 28^th position in the top 100 global cryptocurrencies list
• The ROI of the coin stands at 438.45%
• The circulating supply of DOGE coin is 119,545,268,508 DOGE which is equivalent to the total supply
• As on May 18, 2019, at 10:29:00 UTC, the market cap of the coin is recorded at 360,784,549 USD
• The price of DOGE stands at 0.0030 USD & 0.00000041 BTC
• The 24 h volume has been 61,221,567 USD

Comparison:

In the last 30 days, DOGE coin value has moved between the range of 0.0035 USD and 0.0024 USD, and a similar pattern was maintained in the past 7 days as well. There has been an upward trend of over 7% in the past month. As on April 23, 2019, at 15:34:00 UTC, the market cap of the coin was recorded at 338,002,993 USD. The price was trading at 0.0028 USD & 0.00000051 BTC. The 24 h volume had reached 38,928,965 USD.

Dogecoin Price Prediction until 2020:

Since the beginning of 2019, Dogecoin was moving sideways until April when the value of the coin shot up to 0.0040 USD. The coin had recorded it all-time high in January 2018 at USD 0.018. It is again showing an upward surge since the past few days. As per Dogecoin long term prediction, the price of the coin can rise up to 0.009 USD by the end of 2019 and can reach up to 0.1 USD by 2020.  Dogecoin will have to find its purpose and taken some bigger moves to sustain the market fluctuations.

Conclusion:

Investment in Dogecoin is beneficial in the shorter run and can yield good results. For the long term investments, observing price movement for the next few months will prove to be beneficial in making an informed choice.