Connect with us

Dogecoin

Dogecoin Surpasses Bitcoin In Historical ROI, Why Did It Happen?

Published

on

Dogecoin has had an insane run lately, the dog themed meme-coin is up almost 776% in the past 30 days. But that’s not the only astonishing part, at this point. The data shows that Dogecoin has also surpassed the world’s premier asset Bitcoin by an extremely wide margin in historical return on investment (ROI). That’s the average return an asset has generated over the course of it’s life.

DOGEBTC Pair Performance - CoinGecko
DOGEBTC Pair Performance – CoinGecko

CoinGecko price aggregator and analytics tell us that Bitcoin has had a ROI of 83,811%, since it’s all time low (ATL) price of $67.81 on Jul 06 ‘2013. In contrast, the Dogecoin meme has generated an ROI of 659,873%, from it’s all time low (ATL) price of $ $0.0000869 on May ’06, 2015. It means that on a dollar to dollar basis, an investment made into Dogecoin two years later than Bitcoin’s ATL would have returned 576,062% more!

It gets ironic here. Dogecoin has returned generally better than Bitcoin, not only on historical ROI, but even on 1 year returns data. Bitcoin would have had netted you 521% gains, while Dogecoin would have returned 22,412%, if an investment was made into both an year ago. For an asset that prides itself on fundamentals and all sort of analysis, it’s surprising that a meme-coin initiated as a joke has surpassed it.

Why Dogecoin Has Performed Better?

Dogecoin is based on the Shiba Inu dog joke and it doesn’t do anything. Simply put, it’s real and fun. The project itself makes no grandiose comments about it’s abilities nor it has any plans on changing the world. The infrastructure is in shambles, it has had no real developments and there’s not much in place to support the network. It’s honest and fair, generated by mining and a good enough joke for everybody. It doesn’t claim or pretend to do anything else than that.

Now you might be thinking that these are all negatives, but that’s not true. At times, the inaction or not doing anything serves one better than action or doing something. Dogecoin has taken this philosophy of “never try” to heart. Plus it’s ancient, being launched way back in 2013 as a parody against the rising number of assets. Dogecoin has been an internet sensation, drawing interest from people on social media channels, widely available on exchanges and features an inclusive friendly community.

Advertisement

Dogecoin is a fork of Bitcoin, which doesn’t try “too hard”. It explains it’s high ROI over it’s bigger brother and the growing popularity. It’s everyone’s friend and seeks not to cancel everyone for having a different ideology or beliefs. Since it’s supply is overwhelmingly large, it favors the unit bias concept by allowing people to own “more”. Dogecoin’s recent rise can be attributed to the glowing endorsement by one of the world’s wealthiest man Elon Musk also, who has made it his life’s mission to promote the cryptocurrency through tweeting.

News Source

Advertisement

Dogecoin

Dogecoin network update to boost mainstream adoption, trigger next DOGE rally

Published

on

  • Dogecoin can now be spent at 1,704 merchants, nearly three times last year.
  • Co-founder Billy Markus argues that if all major miners and node operators update to version 1.14.4, fees can be lowered by default.
  • Dogecoin ranks in top 10 cryptocurrencies mentioned the most on Twitter, social dominance of the memecoin increases.

The Shiba-Inu-themed cryptocurrency’s utility is rising with news of AMC’s adoption of DOGE as a payment method. Traders are now anticipating a reduction in transaction fees and a recovery in DOGE. 

Dogecoin update to reduce fees, likely to trigger breakout in DOGE

The Dogecoin core has been regularly updated over the past month. In August, a new version of Dogecoin Core, v1.14.4 was released to improve performance and lower recommended fees. 

The recommended update is not installed by all node operators. Its installation would enable future fee reductions in the DOGE network. Billy Markus, co-founder of Dogecoin tweeted about this recently, 

Advertisement

Once all major miners update to the latest version, transaction fee is expected to reduce 1000x for relay and 100x for mining. This is the first step towards lowering the recommended fee for DOGE, another network adaptation is expected to follow. 

With regular updates in its ecosystem, the altcoin’s utility is on the rise. Nearly 600 merchants accepted DOGE payments in January 2020, the number has climbed to 1704 since then. 

The altcoin’s rising acceptance becomes further evident from its rising social dominance. Over the past week, DOGE ranked in “top 10 most mentioned cryptocurrencies” on Twitter. A rise in social media mentions is followed by a rally in the altcoin. Analysts expect DOGE to recover, the altcoin is struggling after price was rejected at key resistance level. 

Advertisement

@venturefounder, a cryptocurrency analyst and trader, is of the opinion that even the most resilient memecoin, DOGE, is losing its dominance. The analyst predicts that there is a wait ahead of the next “perfect storm,” meaning a surge in Shiba-Inu-themed cryptocurrency’s price.

FXStreet analysts have predicted a drop in DOGE price to $0.15. 

Advertisement

News Source

Continue Reading

Dogecoin

Dogecoin Price Analysis: DOGE tests $0.20 again, ready to reverse next week?

Published

on

  • Dogecoin price analysis is bullish.
  • DOGE/USD still holds above $0.20.
  • DOGE is set to reverse today.

Dogecoin price analysis is bullish today as the market found support at the $0.20 support again today and the market currently looks to reverse. Therefore, we expect DOGE/USD to move higher over the next week and potentially return above the $0.23 local swing high.

Dogecoin Price Analysis: DOGE tests $0.20 again, ready to reverse next week? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with mixed results over the last 24 hours. The market leader, Bitcoin, is up by 1.62 percent, while Ethereum is up by 3.06 percent. Meanwhile, Cardano is the worst performer, with a loss of more than 5 percent.

Dogecoin price movement in the last 24 hours: Dogecoin still holds above $0.20

DOGE/USD traded in a range of $0.1945 – $0.2119, indicating mild volatility over the last 24 hours. Trading volume has increased by 17.32 percent and totals $1.5 billion, while the total market cap trades around $27 billion, ranking the coin in 10th place overall.

DOGE/USD 4-hour chart: DOGE set to reverse next week?

On the 4-hour chart, we can see the Dogecoin price refusing to move lower, indicating a potential reversal to come next week.

Dogecoin Price Analysis: DOGE tests $0.20 again, ready to reverse next week?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has continued to trade in a bearish momentum over the past week. After a strong decline on the 7th of September, DOGE/USD saw consolidation last week above the $0.23 mark.

However, on Monday, DOGE finally broke lower and rapidly dropped to $0.20. From there, a retest of the $).23 previous support as resistance was seen during the middle of the week. 

Advertisement

Bears took over the Dogecoin price action again on Friday, resulting in another drop to the $0.20 support. Since further downside could not be reached again today, we expect that bears are finally exhausted, and Dogecoin is up for a significant reversal next week.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bullish for today as another rejection for further downside was seen earlier today as the $0.20 mark was tested again. Therefore, we expect DOGE/USD to increase over the next 24 hours and potentially move past the $0.23 swing high early next week.

While waiting for Dogecoin to move further, read our guides on NFT Games, CoinJar, as well as Bitcoin Memes.

Advertisement

News Source

Continue Reading

Dogecoin

Elon Musk Will Always Have Support of DOGE Community: Major Dogecoin Account

Published

on

Owner of one of major Dogecoin Twitter accounts has promised that Elon Musk’s support to Dogecoin and its community will be mutually beneficial

Dogecoin account @itsALLrisky with over 183,000 followers has tweeted that the support given to Dogecoin by the Tesla CEO Elon Musk will not go unnoticed by the community.

The Twitter user referred to it as “a mutually beneficial relationship” and has promised that the community of the most popular meme coin will always support Elon Musk.

Advertisement

He posted a picture of Boris Vallejo featuring Atlantis holding the Earth. The titan has Elon Musk’s face and there’s a Shiba Inu Doge character standing behind, offering his help.

Earlier this week, Elon Musk stressed the importance of making DOGE fees drop and supported the idea of the AMC cinema giant adopting Dogecoin for payments.

Advertisement

News Source

Continue Reading

Trending