Dogecoin is Trending Up

Dogecoin is Trending Up

While Dogecoin is going to the moon with hitting the latest rises in price, we have stumbled upon an article dating back on January 18th that talks about how Dogecoin can’t make a good long-term investment. Well, jokes on them! The “analyst” behind this article also claims that this coin would never be able to make it as a long-term investment because Dogecoin fans and holders are considering this coin to be a joke. So, let’s see how far this so-called “joke” went during the previous week.

A few Words on Dogecoin

As you all might know, Dogecoin is a cryptocurrency operating as a peer-to-peer value and existing within the blockchain systems. The currency was made to honor a famous internet meme, Doge – a funny Shiba Inu that has taken over the world a while ago. While Doge remains a meme icon, Dogecoin is working on providing all users and holders with fast and cheap decentralized transactions with no involvement with third parties.

All transactions are private and far faster and cheaper than the traditional way of making money transactions. Dogecoin uses the proof-of-work protocol for mining these coins, which means that all miners get awarded after verifying a transaction within a block. After every 600.000 blocks, every miner will get 10.000 DOGE reward for mining. Mining these coins, however, is pretty expensive as it demands lots of electricity.

Dogecoin is Trending Up

In 24 hours, Dogecoin jumped for over 10% against the dollar, which means that Dogecoin is trading at 0.0074$ per one unit as of February 15th. Another jump has been noted in the latest price which conditioned the current trading price per one unit of DOGEcoin, which means that there is a total increase of 12% against the dollar and a bit over 6% against BTC.

With all these rises, it could be easily concluded that DOGE is trending up, which leads to the further conclusion that Dogecoin surely represents more than a joke coin.

Considering the fact that Dogecoin is a coin that hasn’t had a software update in over two years, but has a billion in total market capitalization, imagine how great this coin could potentially become if DOGEcoin developers would start to implement new updates within their system.

However, it is less likely that any of the potential updates will happen soon because there are no announcements being made from the side of the team of developers behind Dogecoin. It also seems that the developers do not need any software updates or adding improvements to the coin, as DOGE is completely relying on their mascot popularity and the faith of their fans, followers, holders and community members.

Crypto Lunar Howl

It seems that Crypto Lunar Howl is set to become a trend in the world of cryptocurrencies. In case you are wondering, Crypto Lunar Howl represents a prediction about jumping prices that should occur on February 16th. Why this date in particular?

Well, in case you didn’t know, February 16th is set as Lunar New Year, commonly celebrated in China. The tradition revolving around Lunar New Year includes giving money gifts wrapped in red or green envelopes, so coin and token investors are set to transfer this tradition to the cryptocurrency market as well.

The prediction states that there will be a major selloff of coins during Lunar New Year and many people will be buying different tokens, among which DOGE coins are said to be a definite favorite of investors involved in this tradition-to-be.

If any coin could be the center of Crypto Lunar Howl, that would most likely be Dogecoin as howling suits the spirit of this coin and its community members that are “howling” every time Dogecoin goes “to the moon”, which is an expression commonly used within the Dogecoin community when DOGE is jumping in price.

If these predictions are true, Dogecoin should have another positive change in price, followed with another raise against the dollar during February 16th on the Lunar New Year.

How well will Dogecoin perform further in 2018?

Although Dogecoin is doing pretty well at the current moment, being ranked as the 36th best coin on the global coin ranking list with the trading price of 0.0074$ per one unit, this coin has still a long way to go until it could be worth a big deal.

Its market capitalization is currently nearly 1 billion dollars worth with almost 40 million dollars being traded only in the last 24 hours.

In case the trading volume would continue at the same pace, DOGE could lose at least one of two zeros in front of “74”, so in the next following months, this coin could be worth around 0.07$ per one unit. Dogecoin is still being traded at under a dollar price, so you can still invest in this cryptocurrency by making a bulk investment.

Hopefully, that investment would pay off greatly in the time to come.

Still, one question remains: given the fact that Dogecoin hasn’t got any implemented changes or any software updates, could this coin continue to grow at the same pace regardless of “passive” nature of this decentralized currency?

There is nothing left but to wait and see. In the meanwhile, we will wait for the Crypto Lunar Howl and see whether Dogecoin would live up to expectations.

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