Dogecoin is a decentralized digital currency based on peer-to-peer technology that allows users to transfer money online. Interestingly, the Internet meme “Doge” led to the creation of Dogecoin
Dogecoin price today is around $0.19, with a 24-hour trading volume of $1,315,680,004.95. Dogecoin is down 3.04% in the last 24 hours. CoinMarketCap's current ranking is #8 with a market capitalization of $25,274,319,603.98. It has a circulating supply of 130,557,836,829 DOGE coins
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Exchanges for trading Dogecoin currently include Binance, Huobi Global, OKEx, ZG.com and Upbit. You can find others listed on our crypto exchange rankings page.
What is Dogecoin?
Dogecoin, a cryptocurrency that was introduced for fun and was launched in 2013. The highlight of this cryptocurrency was that the Shiba Inu dog breed was used as a logo. This currency was originally intended to create funny memes about its logo, but today it has taken 6th place in the cryptocurrency market. The total capitalization of the cryptocurrency at its peak reached $45 billion.
Dogecoin is a fork of another well-known cryptocurrency, Litecoin . Therefore, any updates to the Litecoin protocol will subsequently mean an update to Dogecoin. Since its inception, Dogecoin investments have provided investors with returns of over 300% in the early stages.
Unlike other cryptocurrencies, Dogecoin achieves a relatively simple goal of enabling peer-to-peer cryptocurrency transactions using blockchain technology. The cryptocurrency was originally supposed to have a hard limit of 100 billion tokens, but this has now been removed and there are no restrictions on Dogecoin mining.
Technical analysis and price history of Dogecoin (2013 - 2021)
2013
Born in 2013, Dogecoin was slow in the beginning. The $3.5 million market cap was not worthy of the market's attention. However, after a few months, it began an upward trajectory and grew exponentially.
2014
Dogecoin's forecast for the second year turned out to be disappointing as Dogecoin hit new lows and felt the pain of a market-wide downturn. Additionally, it faces huge competition from new coins including Stellar, Neo and Monero.
2015
Jackson Palmer, the co-founder of Dogecoin, left Doge, which did not bode well for the coin. There has been a lot of negative press about Dogecoin this year and many analysts have predicted the death of Dogecoin.
2018
2018 was a bearish year for cryptocurrencies, and Doge was no exception. Altcoins have dropped significantly over the past few months.
The recovery brought Dogecoin trading closer to the $0.017 level, but Dogecoin's bullish outlook was short-lived as the price hit a low of $0.002 and remained there for an extended period.
2020
Dogecoin traded in a strict range of $0.002 to $0.005 for most of the year. It gained momentum in late 2020 as Bitcoin reached new highs.
2021
At the beginning of 2022, Dogecoin was headlining the news and reached an all-time high of $0.7376. On the current 1-day chart, we see that the coin is trading below the 50-day moving average as well as the 100-day moving average. There is a possibility that the price of the coin may break out of the upper boundary of the Bollinger Band. For now, until the two moving averages are broken, the bull run cannot be confirmed. It is currently 73 percent below its all-time high.
Popularity of Dogecoin
The popularity of this cryptocurrency is also explained by the fact that a number of Dogecoin games were developed based on it. For example, Doge miner 3 is an idle game where this dog builds ore to go to the moon.
Cryptocurrency is also supported by a huge community. Reddit has over 150,000 members. Cryptocurrency has also been used as a tool for charity. In January 2014, this community even raised $50,000 in DOGE for the Jamaican bobsled team, which could not afford to travel to the Winter Olympics. A little more information and let's move on to Dogecoin forecast for 2022 and 2022 .
How to mine Dogecoin?
The Dogecoin mining process is partially similar to the Bitcoin mining process. First, let's cover the basics and then compare how mining Dogecoin is a little different from Bitcoin.
Similar to Bitcoin, Dogecoin operates on a consensus mechanism. Thus, in essence, there is no central authority that controls or approves transactions. Miners, or network nodes, perform the transaction verification process by solving complex mathematical algorithms. If the maximum number of miners verifies a transaction, it is considered confirmed. In addition to this, miners also perform the process of adding new blocks to old blocks and continuing the block chain. In return, miners receive a reward in the form of Dogecoins.
Bitcoin mining is the algorithm they use. Bitcoin runs on the SHA algorithm, while Dogecoin, which is similar to Litecoin, runs on Scrypt. This significantly reduces mining power and therefore the costs associated with mining.
Another significant difference is the time it takes to add a new block to an existing blockchain. Currently, this time for the Bitcoin blockchain is 10 minutes, while DOGE mining only takes about 1 minute.
Since it is relatively easy to start mining Dogecoin, anyone can become a DOGE miner. Moreover, unlike Bitcoin, it does not require heavy and expensive mining equipment. Dogecoin mining can be started even from home on your computer. Plus, there are the rewards that DOGE mining offers. Unlocking one block will give the miner 10,000 Dogecoins. Bitcoin mining releases a reward of 12.5 BTC.
Dogecoin has relatively fewer mining competitors and is easier to mine compared to other popular cryptocurrencies such as Bitcoin or Ethereum . This further eliminates the need for any specialized mining hardware such as ASIC chips and can be done using the GPU and CPU itself. This significantly reduces the cost of the hardware needed to mine Dogecoin.
Where to buy Dogecoin?
Surprisingly, although Dogecoin is among the top 100 cryptocurrencies, there are only a few places where you can buy Dogecoin. Additionally, most of these exchanges do not offer a direct way to purchase Doge. Rather, you exchange DOGE for one of the well-known cryptocurrencies such as Bitcoin or Ethereum.
For some of the popular exchanges that offer to buy Dogecoin, check out our ranking of cryptocurrency exchanges . All you need is a DOGE wallet address and you can receive Dogecoins instantly.
Where to buy and store Doge cryptocurrency
Today, you can purchase this cryptocurrency in various ways. Starting from cryptocurrency exchangers and ending with crypto exchanges. Including such large and popular ones as Binance. Listing on Binance took place in 2022.
To buy on a crypto exchange, you need to go through a simple registration and identity verification procedure if you plan to deposit and withdraw funds in fiat (rubles). The purchase process itself is standard and will not pose any problems.
You can store coins both on the exchange and on a cryptocurrency wallet. The official wallets are Dogecoin Core and DogeChain. The coin is also supported by other popular storage facilities.
DogeChain is a hot storage wallet, i.e. online. Available on the official website of the same name in the Wallet section. You will need to create a private key in the browser, which it is advisable to save in a safe place.
The registration process is simple. Just enter your email address and create a password. All necessary operations are available: transfer, storage of tokens, import of private keys, etc.
DogeCoin Core is a storage that is installed on a computer with Windows, Mac, and Linux operating systems. Mobile applications are also available. Installation files are downloaded from the website. Light and heavy wallets available:
— Multidoge (light); — DogeCoin Core (heavy).
Dogecoin Hardware Wallets
These are the safest options for storing your Dogecoins. However, this is an expensive option and access to your coins becomes limited compared to other wallets. Some hardware wallet options available in the market include Ledger Nano and Trezor.
Dogecoin desktop wallets. This allows you to store your private Dogecoin keys in software stored inside your laptop or computer. These wallets may be vulnerable to malware or hacking attempts.
Mobile wallets allow you to store your Dogecoins on your mobile device such as Android or iPhone. They are definitely more affordable and easier to use, but pose a higher risk than other types of wallets. Examples of mobile wallets: Dogecoin mobile wallet (for Android).
Dogecoin forecast for 2022 and 2022
The coin started out as a joke, and now Dogecoin now has millions of dollars in market capitalization. Moreover, it has a huge community that is limited to a relatively small number of other cryptocurrencies, and this is its strength. Moreover, it offers a fairly simple but equally valuable proposition for transferring funds using a peer-to-peer blockchain network. Despite the lack of any major news, collaborations other than Elon Musk's tweets, or cryptocurrency updates, the forecasts for Dogecoin seem to suggest that its chart is trending nicely bullish.
We are all interested in what the rate of the Dogecoin cryptocurrency will be in 2022 and even in 2022. Unfortunately, there is no high-quality chart of this asset due to its cost and low volatility. But we can already talk about the presence of good support near the level of $0.25 per coin. As we can see, there have already been several rebounds from this level and there are chances for continued growth.
It is worth highlighting the long-term bullish channel within which the asset moves. Moving averages also indicate an upward trend, and the price has been constantly pushing upward from them since the beginning of 2022, indicating the strength of buyers. The RSI indicator values indicate a qualitative bullish impulse since the beginning of 2022, this is a very strong signal for a continued rise in the price of the coin.
The first growth target for Dogecoin in 2022 and 2022 may be the $6.00 level. It is important for buyers not to leave the bullish channel and not fall below the moving averages. If the bulls manage to break through the upper boundary of the ascending channel upward, this will accelerate the rise, in which case the growth target may be a fantastic level of $30-40 per coin.
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Dogecoin (DOGE)
, which has made its mark this year and is as famous in many parts of the world as Bitcoin (BTC), is one of the oldest cryptocurrencies.
Thanks to the strong community, we have seen continuous price increases in 2022, of course also due to the unstable price structure and Elon Musk's multiplier. So how many dollars did Dogecoin (DOGE), which is so popular, first find buyers for? Could alternatives like Shiba Inu (SHIB) catch up to Dogecoin in price? Dogecoin (DOGE), which entered the market in late 2013 at a time when there were very few cryptocurrency investors and stock markets were not widespread, began to find buyers at $0.0002047. The price, which rose to $0.0011 when it hit the market in December, was always speculative. In other words, daily price movements of 30-40% have continued since then. The daily trading volume was $4 million and fell to $60 thousand.
In the early days of its release, Dogecoin (DOGE) reached a huge peak. The price of Dogecoin, which was $0.0018 in the first quarter of 2014, fell to $0.000092 in May 2015. Its daily volume dropped to $60,000. This price continued at 3-4 zeros until the second quarter of 2022. This caused early investors to vomit blood for 3 years until the first serious pricing was done. Fortunately, it was $0.0040 in Q2 2022 and $0.017 at the start of 2022. Elon Musk entered the game mainly in 2022. He created significant expectations about the price, especially ahead of the SNL show he attended in May. Everyone had a saying that Dogecoin (DOGE) would cost $1. When the big day arrived, the price, which had reached $0.70, suddenly began to fall due to the mischievous billionaire's unfounded (possibly sarcastic) jokes. The $0.16 area was even visible in July. This is the price path for Dogecoin so far. Investors who bought Dogecoin (DOGE) in the early days of its release have made over 1000x profits even today, but if we look at the profit level, Shiba Inu (SHIB) may have earned more for its investors since it arrived from the regions. with 7-8 zeros.
Dogecoin (DOGE)
is still a joke coin with the strongest community in the world, the Reddit page r/dogecoin now has over 2.2 million subscribers, a serious following. Of course, if competitors like Shiba Inu (SHIB) had not been born and the community had not been divided, Dogecoin (DOGE) could have been much higher than it is today. But it has a fierce defender equal to millions of fans, Elon Musk, of course!
If it doesn't come as a big surprise, Elon Musk will become the world's first trillionaire when his space explorations bear more fruit. This is why Elon Musk should not be seen as just a businessman. People entrust him with a great mission that will play an active role in the future of the world. Moreover, while this name is becoming a trillionaire, he says that Dogecoin (DOGE) will help me in this regard. This issue requires more detailed consideration, Elon Musk's role in the Game Stop event, his ability to dominate large communities and reward them with the price of Dogecoin will be a separate issue.
There are several catalysts for Dogecoin (DOGE) that could explode the price in terms of fundamental analysis. The first will be the introduction of Dogecoin (DOGE) into Tesla payments and its expansion to other leading companies. Integrating Dogecoin into their systems as a payment or donation method through popular apps will also increase the price dramatically.
The strongest target for Dogecoin (DOGE) is the $1 zone. If this were true, its market capitalization would be approximately $140 billion. Considering that the total value of all cryptocurrency markets is 2.6 trillion, this is not impossible. Even with current data, the $1 target doesn't seem unreasonable. But for the $10 target to be realistic, the market would have to surpass $26 trillion, or we would have to experience something ridiculous like Dogecoin (DOGE) surpassing Bitcoin (BTC) as the dominant force.
The Dogecoin (DOGE) price target for the first quarter of 2022 was announced by Wallet Investor at $0.47. The coin price forecast, on the other hand, predicts that the price will continue to remain around 0.29. On the technical side, Dogecoin (DOGE) is believed to have broken the major downward trend during its stay above $0.26. In other words, the rally towards the $1 target could start from this region. Is one breakout of a downtrend enough? Of course not, the 0.50 area must also turn into support to enter the main uptrend. Cautious investors will be inclined to buy as the price is at the 0.5 support zone, below which it will remain very risky.
