Five Reasons Why the Dogecoin Price Should Rebound Soon
The Dogecoin Price is far lower than it should be.
Dogecoin is one of the most popular cryptocurrencies according to many metrics. Traders judge cryptocurrencies on many criterion, all of which sites like CoinGecko specialize te tracking. According to CoinGecko, Dogecoin is 2nd only to Bitcoin. It boasts an active community, which has banded together to achieve a number of incredible goals–such spil sponsoring NASCAR driver Josh Wise. Despite thesis successes, the Dogecoin price has fallen tremendously overheen the past several months, which does not make logical sense to many now-enlightened shibes.
The Dogecoin Price Is Low, And That’s Crazy
Dogecoin has bot called the “wingman” of cryptocurrency. While Bitcoin and other “serious” coins go to the buffet to contest with one another to land the most attractive woman, Dogecoin just wants to have a good time. None of the other coins considers Dogecoin to be a legitimate threat to his success, so they are blessed to let him tag along, which ter turn builds him a strong network of friends–or ter cryptocurrency terms, a large community. Unluckily, eventually the wingman has to leave the folder and overeenkomst with life’s realities. For a currency, many of those realities are centered around the coin’s price and volume.
For Dogecoin, reality is becoming fairly serious. During January, things were good. The Dogecon price wasgoed tagging along with the Bitcoin price during the fine bull run of 2014, but unluckily, it crashed just spil hard spil Bitcoin once the bull run wasgoed overheen. Te April, the Dogecoin price rose again to almost $.0007 but has steadily declined since then. At present, the Dogecoin price rests at $.000358–its lowest since January.
Taken from CoinMarketCap. The Doecoin price has bot te a consistent downtrend since April.
There are no clear-cut explanations for Dogecoin’s price reduction. It’s possible that the enhancing number of altcoins coming into circulation is diluting the market and potential Dogecoin holders are turning elsewhere. Alternatively, investors may not be certain that a coin based on an internet meme can find long-term mainstream success other than spil a tipping contraption on social networks. Nevertheless, there are five reasons why the Dogecoin Price should be much higher and could be poised to rise again soon.
For a coin to sustain long-term, it vereiste have a strong community. Otherwise, the coin will become a pump-and-dump. Of all the major cryptocurrencies, Dogecoin has the friendliest and most-welcoming community. This helps the Dogecoin community build up fresh members and retain them effectively. At present, the /r/Dogecoin subreddit has overheen 87,000 subscribers, and overheen 165,000 people go after the official Dogecoin Twitter. The Dogecoin community is also very involved ter tipping and marketing opportunities.
Tho’ Bitcoin has taken a major marketing step with BitPay’s sponsorship of the Bitcoin St. Petersburg collegium football cup spel, Dogecoin has clearly taken the lead when it comes to marketing. Te addition to sponsoring NASCAR driver Josh Wise, Dogecoin sponsored the Jamaican Olympic dogsled team and is considering sponsoring a car te the Australian V8 Supercars series.
Moreover, the forthcoming documentary Coined: The Story of Cryptocurrency plans to prominently feature interviews with Dogecoin personalities like Billy Markus and Josh Wise. Coined will achieve a theatrical release, spreading the word about Dogecoin and other cryptocurrencies to people who might otherwise be unacquainted with them.
Bitcoin might rule supreme overheen the altcoins ter price and total market cap, but when it comes to tipping, Dogecoin is king. Dogecoin’s market saturation–there are presently 83,119,331,277 DOGE ter circulation spil I write this–creates a flawless climate for social media tipping. People te the Dogecoin community have created tipping apps for Reddit, Twitter, Facebook, and even Steam. You can send someone 100 DOGE without dipping far into your pockets, but the receiver still feels appreciated. This is a feature that Bitcoin cannot voorkeur. For example, a $.50 peak presently equals out to 0.0008214 BTC, or a little overheen 1,400 DOGE. The vast majority of people would–at least subconsciously–rather receive the DOGE peak. With overheen 80 billion coins, the Dogecoin price will most likely never rise high enough that tipping is no longer joy. Dogecoin now faces competition from other tipping currencies such spil Reddcoin and Karmacoin, but their market cap and trading volume are so low that they presently are not much of a threat.
A coin is only currency if you have a reasonable chance to use it spil a medium of exchange. Presently, Bitcoin is the only coin widely accepted by businesses. However, more businesses accept Dogecoin than almost any other altcoin. Businesses can also accept Dogecoin using payment services such spil Moolah (albeit Moolah and the Dogecoin community have sparred at times). Regardless, enhancing acceptance by businesses should drive the Dogecoin price up, not down.
Five. Trading Volume
When a coin’s price and trading volume fall, the community should worry. However, despite the low Dogecoin price, DOGE’s trading volume remains fairly high. According to CoinMarketCap, overheen 970 million DOGE–nearly $350,000 te USD–have switched palms ter the past day. However it is a far sob from Bitcoin’s almost $16.Five million te 24-hour trading volume, it is an indication that the community is alive and trading.
What Does Dogecoin’s Future Hold?
Based on Dogecoin’s current price trend, the future does not seem bright. However, when you look past the price and examine the state of Dogecoin spil a entire, things do not look fairly so bad. Dogecoin has an excellent community structure, and it seems to have found its niche spil the “tipping coin.” Tho’ marketing campaigns have not affected the price much yet, they have brought Dogecoin to audiences that otherwise would not have heard about it. Additionally, Dogecoin trading volume has remained at moderately high levels, even during the downswing. Tho’ no one can accurately predict the future, this evidence indicates that Dogecoin is resilient. You should not be astonished to see a Dogecoin bull run te the near future.
Disclaimer: The author is bullish on Dogecoin but doesn’t presently have much invested ter it. Maybe he should take some of his own advice!