Billy Markus started his little coin as a joke based on a dog from an Internet meme – but this joke quickly became a market force of its own kind, reaching capitalization of $60 million by 2014, and a circulation of 100 billion coins by 2015.
Now analysts are saying that Dogecoin still has further to run, and that this crypto coin isn’t even panting with fatigue yet – to flog the metaphor.
Like a Shiba Inu standing next to a Great Dane, Dogecoin is fairly small next to giants like Bitcoin (BTC) and Ethereum (ETH). It has a small market cap of $426 million and a small price, ranging in the fractions of a cent.
However, as in the blockbuster hit “Office Space”, if you put all those fractions of a cent together, you get big money, and Dogecoin has already birthed many revenue streams for the adventurous crypto investor.
Take a look at an article posted today at Null TX, where writer JP Buntinx is putting forward a pretty good argument for future rises in Dogecoin’s value.
“The current Dogecoin price situation is far from troublesome,” Buntinx writes, citing a tweet from Ahmad Kalthoum weighing in on Dogecoin sentiments. “There is a very good chance this altcoin will generate some fireworks, as that is how things usually go with this particular currency. A doubling in value may be a stretch too far, although reaching $0.005 is certainly within the realms of possibilities.”
Buntinx also cites rumors that Dogecoin may be added to the Coinbase trading platform, which might spike its value. In another cited tweet, Linus Harbington looks at MACD and whether that reality could be facilitating and laying the groundwork for future rises.
Another attractive thing about Dogecoin is the price.
On Reddit, you can see some of these interesting investor plays, where individuals are buying small bits of Dogecoin every day to eventually become a “Dogillionaire.”
“Wesellcryptos allowed me to buy as little as $3 per day using Paypal,” writes crusedarp on a Dogecoin reddit thread. “Did this while working as a server and slowly worked my way to a Dogillionaire -I have no regrets. 🙂 … I also used wesellcryptos every time I ran a promotional giveaway to support my friends’ Youtube channel. At one time last year, I was giving away 1000 per person. :)”
You also see some of that back-and-forth that so often characterizes crypto investor sentiment – while some point to past gains, others worry about a pending crash. It’s all really in the eye of the beholder, especially when it comes to this kind of whimsical altcoin activity.
However, the convergence of different realities around cryptocurrency suggests that Dogecoin could be an attractive play as a type of “penny stock crypto” that you can hedge against and buy at a fire sale, and hold for the long term.
You can also see analysts like Harbington scrutinizing candlestick charts for Dogecoin the same way they do for, say, established blue-chip companies in the oil sector or budding technology firms. In other words, crypto investing is a serious business – it’s not just a wild gamble. Take a look at Dogecoin price activity and see if this altcoin is a good add for you.