Dogecoin started as a joke on the 6th of December 2013 by featuring the Shuba Uni dog from the ‘Doge’ internet meme as the logo. Today 5 years later, at the time of writing it has a market capitalization of $242,610,352 and is in the green at a price level of $0.002067. Believe it or not, a mere joke is ranked at 22nd amongst the many competitive Cryptocurrency in existence.
Dogecoin may not have as many use cases. However, it’s the primary activity of being used as a currency has fueled its growth. It is one of the only eight cryptocurrencies that have ATMs which makes it possible to change it to fiat currency. As of now, there are 80 Dogecoin ATMs worldwide.
Also, it is offered at various Cryptocurrency exchanges. The first exchange to add it was AltQuick.co on January 8, 2014, and has now expanded to exchanges such as Cryptopia, UpBit, and Bitrrex.
During the current bull markets, most of the Cryptocurrencies are seen to be going up in mere minutes and falling a few seconds later. However, Dogecoin’s stability has proven that the community are hardcore hodlers!
As seen in the chart below you will notice Dogecoin remaining stable between $0.002 to $0.003. The meme coin saw a huge pump after the DogeEthereum news was revealed back in September after which it has slowly decreased but is still not that low compared to the price levels 6 months back.
It is clear from the charts that the price hike in January was irrational, but apart from that the price of DOGE has not seen much volatility compared to other Cryptocurrencies. It is down 89% from All time high, Binance coin (BNB) and Bitcoin (BTC) are the only other Cryptocurrencies to hold more value since the all-time highs.
Blockmanity’s Take
DOGE has evolved from a funny Cryptocurrency to a Cryptocurrency which is more serious which people have grown to love. Its mining is unrestricted, the price is inexpensive, with it’s tipping capabilities evolving the Cryptocurrency market. The entry of Dogethereum bridge and DogePal has shown the team’s passion in the project and has given rise to an increase in the community.
If there was an award for ‘Best Cryptocurrency Hodlers for 2018’, Dogecoin’s community has our vote!
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Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
