Price Analysis of Dogecoin (DOGE) as on 9th May 2019

  • Dogecoin has been added to the Coinbase wallet which rings in a brighter future
  • Dogecoin has recently partnered with Trippki and now headed to a bullish trend
  • Elon Musk tweeted Dogecoin as his favorite crypto recently in April

It’s been a tremendous year for Dogecoin which forked from Litecoin in 2013 and was created by Billy Markus and Jackson Palmer. The blockchain based open source cryptocurrency has grown exponentially owing to tremendous support from the communities. It can be used for money transactions on mobile devices, rewarding contributors on platforms like Twitter and Reddit and has gained acceptance in a very short span of time. Let’s have a look at the current statistics of the coin to gain a better understanding.

Current Statistics:

Dogecoin Price Chart

  • Dogecoin (DOGE) is ranked at the 29th position in the top 100 cryptocurrencies list globally tailing USD Coin with a marginal difference
  • The ROI of the coin stands at 354.92%
  • As on May 9, 2019 at 03:44:00 UTC, the market cap of DOGE is 302,856,718 USD
  • The price of the coin is trading at 0.0025 USD & 0.00000043 BTC
  • The 24 h volume has been 32,485,354 USD
  • The circulating supply of the coin, currently, is 119,419,933,663 DOGE which is equivalent to the total supply

Comparison:

Dogecoin has maintained a stable trend since the beginning of 2019. However, the value of the coin shot up in April.  The price peaked to 0.0039 USD & 0.00000080 BTC and 24 h volume reached over 139,206,796 USD on April 4, 2019 at 17:34:00 UTC. The market cap of DOGE was observed at around 473,871,616 USD at the same UTC. A downward trend of over -35% has been noticed in the last month; however, a bullish trend is expected again due to new partnerships.

Prediction:

Dogecoin (DOGE) had recorded an all-time high of 0.018 USD on January 7, 2018. The onset of 2019 brought rather stable & upward trend. The coin has got support from some of the world leaders like Elon Musk recently. Additionally, it is collaborating with key players like Trippki to gain momentum. The recent listing on Coinbase has made Doge accessible to traders for buying and selling and it is now accepted as a payment option through DogePal. In the last 7 days, the movement is between the range of 0.0027 USD to 0.0025 USD. The first resistance level of DOGE will be at 0.0025 USD and the second resistance level will be around 0.005 USD in the next 2 quarters.

Conclusion:

Dogecoin is a good long term investment as the coin has established its position firmly in the crypto market space.

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