How Will Dogecoin (DOGE) Perform In 2018?

There is a lot to be learned from the cryptocurrency market just by the performance that has been demonstrated especially by the major players. One of those things is that anything is possible and one of the digital coins that demonstrate this is Dogecoin (DOGE).

A lot about this currency just spells out humor, such as its name for starters and the fact that its logo is a funny-looking dog that looks like it was derived from a meme. It has even earned itself the nickname ‘joke currency. Just a clarification, the dog on the logo is a Japanese breed called Shiba Inu and the digital currency was indeed created with an aspect of humor. However, it is a legitimate cryptocurrency and it has also played a very important role in helping many people to understand the dynamics and technicalities of cryptocurrencies.

The coin was created in December 2013 and it currently occupies the 35^th position in the list of cryptocurrencies based on market cap. Its price has recently been surging and it hit a new all-time high on December 21 after reaching $0.008768. Its price had however gone down to $0.007509 at the time of this press.

It is currently not clear why there was such a noteworthy surge in the price of the currency especially over the past one week but that is most likely due to the overall effect of the cryptocurrency market which has seen most of the digital currencies gaining momentum.

Despite its recent gains, Dogecoin cannot currently be categorized as one of the best performers of 2017. It currently has a market cap of $844 million and its price movement so far remains miles away from $1. Dogecoin was created by Jackson Palmer to make fun of hyped up cryptocurrency market in 2013. He created it as an inflationary digital currency, unlike bitcoin which is deflationary. Palmer also believes that the cryptocurrency market will crash soon.

Despite its unusual reason for being created, Dogecoin seems to have gained some traction and it is well known in the cryptocurrency community. Those who become active members of its forum on Reddit are awarded free Dogecoins. The coin has also had its fair share of downsides such as being robbed by a hacker.

The fact that the digital currency does not have much going for it at the moment speaks a lot about its potential future which is currently not that bright which raises a lot of curiosity about its performance in 2018. However, this gloomy cloud might have a silver lining only if there are willing buyers and sellers transacting through Dogecoin. This is the only way that the altcoin can remain in the cryptocurrency market. 2018 is around the corner and observers and traders are watching to see how Dogecoin and the entire digital currency market will behave.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of Global Coin Report Archives/Flickr