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Overview of the Price of Dogecoin - All You Need to Know About it!

Dogecoin Market general Overview

November 14, 2021 | 

18108 Views | 

Jesus Guzman | 

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Dogecoin (DOGE) is, according to its official website, a decentralised and "open-source peer-to-peer digital currency".

Although the token was not originally used in real life, Dogecoin (DOGE) has become something of a success story over time. It currently occupies a respectable Market Rank #9 in CoinMarketCap's Top 100 Tokens ranking by total market capitalisation.

It started as something of a joke, but despite these humble beginnings, DOGE has become a viable investment option in the world of digital assets - with DOGE to USD (US dollars) as the most common fiat-crypto trading pair for the token.

How and why did this happen, what influenced the value of DOGE and is it a good time to invest?

Dogevalue Analysis

October 14, 2021 (2:49 pm) currency calculation/conversion for DOGE to USD gives the exchange rate that the price of Dogecoin is "$0.2625 USD".

Dogecoin (DOGE) is a decentralised and "open-source peer-to-peer digital currency", according to its official website. It was forked from Litecoin and offers an alternative form of decentralised payment.

DOGE was founded on 6 December 2013 by Jackson Palmer and Shibetoshi Nakamoto (AKA Billy Markus) and was originally mostly referred to as a "joke cryptocurrency" (also by the two founders).

Shibetoshi Nakamoto is a portmanteau of Satoshi Nakamoto (pseudonym for the creator or creators of Bitcoin) and Shiba Inu (the breed of dog depicted in the coin's namesake meme).

Jackson Palmer is a marketer at Adobe and an Australian entrepreneur who (apparently) owns about $500 worth of dogecoins, based on Mark Cuban explanation given to FoxBusiness. Billy Markus is a software developer at IBM. In a 2013 interview, the two founders claimed that "price does not matter".

If you want to see this interview here you have it:
 

DOGE to USD

Regardless of whether the dogevalue "matters" or not, the token has seen two large price jumps. Overall: Despite the jumps and dips in performance, Dogecoin's market capitalisation and token value have increased over time.

On the morning of 14 October 2021, Dogecoin's performance metrics based on CoinMakercap look like this:

  • Dogecoin 24h Trading Volume: $1,246,285,352.33 (14 October 2021 - 3:05 pm).
  • Dogecoin Volume / Market Cap: $0.03594 (14 October 2021 - 3:05 pm).
  • Dogecoin Market Share: 1.23% (14 October 2021 - 3:05 pm).


As mentioned earlier, DOGE was never expected to become a high-ranking token in the sea of altcoins on the market. Instead, it was originally intended as a kind of joke (and a proof of its own merit).

19 December 2013 (13 days after the token's launch): Doge's value increased by around 300% within 72 hours of its first listing.

It subsequently crashed, which was attributed to mining pools taking the opportunity to exploit the inflated value in combination with the relatively easy mining due to less competition compared to other blockchains.

The crash coincided with the aftermath of the large-scale theft of DOGE tokens after Dogewallet was hacked on 25 December 2013.

According to CoinMarketCap, the price of Dogecoin has risen 160% this week, overtaking Dogecoin to become the number 8 cryptocurrency with a capitalisation of $42 billion.

Over the years, Dogecoin has experienced a series of sharp rises and falls, particularly between 2017 and 2018, when the cryptocurrency market experienced its biggest rise and subsequent crash. Despite this volatility, the token has gained value in each of these instances.

Early/mid-March this year saw a massive drop in the value of DOGE, but since then it has steadily recovered. Despite the short-term rise in value that tokens like Bitcoin have experienced recently, DOGE has gained far less traction - but it should be noted that the token has survived much of the bear market of recent months.

Dogevalue's ability to weather some of the superficial value changes that have affected many of the highest market cap tokens since March suggests that it is currently a less negatively volatile asset than many of its peers. A good indicator for those looking to invest in long positions.

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