DOGE is a token of the platform Dogecoin. Its current price is around $0.0925 at the time of writing, with a low of $0.04972, and it has a market cap of 12 billion dollars.
What is Dogecoin (DOGE)?
DOGE is the coin of the Dogecoin platform, which is around $0.0925 at the time of writing, with a low of $0.04972. It reached a high of $0.178, and its current ranking is #9, according to CoinMarketCap, with a market cap of 12 billion dollars.
Initially created as a digital payment method, Dogecoin has become an interesting investment prospect. The coin is popularly referred to as ‘meme coin,’ and its users take pride in the growing culture surrounding it, similar to Bitcoin.
DOGE Coin Market Analysis
DOGE has a total supply of 132,670,764,300 coins worth around $0.0925 with a market volume of 525 million dollars, whereas the market capitalization is 12 billion dollars at writing. Despite being a fun concept, Dogecoin is not a reliable investment option. It does not possess any intrinsic value or contribute to developing any financial system, such as Matic.
Dogecoin is suitable for buying goods & services but not for investment, as its inflationary nature prevents it from having a fixed value. This is because there is no limit to the number of Dogecoins that can be created, which could cause an increase in its circulation, thus making it highly debased.
It has recently been discovered that a Dogecoin (DOGE) wallet that had been inactive for over nine years is now experiencing a huge surge in its holdings’ value. This could be due to various reasons, including speculation and the growing demand for cryptocurrencies. Over the weekend, crypto whale tracker Whale Alert reported that a dormant address had unloaded 2,043,137 Doge Coins (DOGE) and earned significant returns.
DOGE Price Prediction
In the 4H timeframe, the price action of $DOGE/USDT has broken the support trendline of the Ascending broadening wedge. 4EMAs and Ichimoku cloud are also moving above the PA. Therefore, a further downward movement is expected from here.
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Closing Thoughts
The Crypto market is known for its volatile nature. According to the above analysis, the coins we discussed might prove to be profitable if other market conditions prevail favorably. We suggest you engage in adequate research before investing in any digital assets.
