By If you’re more or less familiar with the crypto world, you know that Dogecoin was started out of a meme. When Billy Markus introduced this Luckycoin fork back in 2013, it was immediately labeled as a crypto joke. However, it didn’t stop retail traders to consider it a valuable option. Generally, Dogecoin has been backed by an active online community, including after Markus departed from the project.
Although Dogecoin is listed with a majority of the current crypto payment processors, and facilitates various charity drives, it does not maintain a reputation as a coin with transactional value amongst current market leaders in an ever-growing competitive space. However, it doesn’t cease to surprise the market with strong bullish rallies. Currently, it is positioned on the 26th place on Coinmarketcap’s list of largest coins by market cap — can you imagine that? Over $316 billion has been invested in this coin, which is priced at $0.0026 right now.
What is the future of the coin in 2019 and next year?
Between 2018-2019 there have been 6 Github releases, including one this year. Their repository displays that developers are clearly active, with a few more releases in the pipeline.
Don’t get me wrong — I don’t claim Dogecoin is the best crypto investment to be considered by 2020. I just want to point out that this coin won’t die during this period, as others say.
In fact, Dogecoin tries to mimic the general performance of the crypto market, which is led by Bitcoin. If you check the chart below, you’ll see that Dogecoin repeated the Bitcoin patterns and performed better since March 2018:
Sometimes the Dogecoin can be quite influential and surprisingly push the prices up out of nothing. On April Fool’s Day, the Dogecoin team organized a poll on Twitter, asking who was the ideal CEO for the coin — the irony is that the cryptocurrency has a decentralized concept and doesn’t need a CEO.
Elon Musk was voted by 54% of responded, which attracted his attention and replied with several tweets that mentioned the coin.
“Dogecoin rulz,” Musk said in a tweet that had the Dogecoin meme on it.
“Dogecoin might be my fav cryptocurrency. It’s pretty cool,” he tweeted on another occasion.
Musk’s tweets and the whole situation had a strong bullish impact, with the Dogecoin price surging about 100% from April 1 to 4.
Yes — a joke cryptocurrency has doubled its price after a joke poll posted on April Fool’s Day, increasing the market cap by over $230 million. I know it doesn’t sound as if it makes sense, but we should accept reality.
All in all, Dogecoin’s performance by the end of 2020 is heavily dependent on Bitcoin’s behavior. We may see the DOGE price fluctuating between $0.0015 and $0.0060.
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