Dogecoin: A Unlikely Cryptocurrency Investment Success
Dogecoin has been making the news lately since last Friday when the price reached 70 satoshi, to where it stands today at 105 satoshi, or 0.00000105 Bitcoin. This has equaled double digit gains in days, but will this be sustained growth. The overall market capitalization of Dogecoin has also taken the fifth spot today with $37,431,010. According to market coingecko.com, Dogecoin liquidity is also higher than Litecoin. Dogecoin is not worth a lot by itself but careful investing could result in serious profit. I am holding long term positions in Bitcoin, but the cryptocrooks research all cryptocurrencys from Anoncoin to Zetacoin for possible revenue and economic activity.
Dogecoin Price Increases
This price rise in Dogecoin should not be correlated to anything in particular aside from a more widespread usage of the cryptocurrency. Dogecoin is quite popular on the insanely popular, Reddit, website for tipping good posts. Lately, Bitcoin has been going the opposite direction, for what I believe is due to most companies which are “accepting” them, have them immediately exchanged into fiat currency using a third party processor. This weakens bitcoin as a whole since it is not working in the way intended, but hording of supplies, or rapid mining could also affect pricing. Dogecoin on the other hand will soon be reaching a lower block reward, estimated to be around October 2. At that point in time, the block reward solved by miners will be halved, reducing the rate of dogecoin creation, possibly allowing doge to go higher than ever before. This fact will increase the market share due to investors buying doge before the deadline, but it could also affect price because of hoarders.
If I were you, I’d get on the dogecoin train before it’s too late. I thought I was, but we never know what will happen with cryptocurrencys. Stay optimistic and driven, cryptocrooks.