When a joke became too serious, Dogecoin was born. Fortunately, the ‘joke’ does not manifest in the Dogecoin price movements since its launch which has helped the coin command respect in the cryptocurrency circles.
Currently, Dogecoin occupies position 26 on Coinmarketcap and has a market capitalization of 246 million U.S dollars.
Dogecoin price: The last twelve months
Before we project what to expect in 2019, let us take a step back and look at how Dogecoin has been holding on to the bulls and bears alike.
Our last 12 months take effect from March 17, 2018, when the Dogecoin price closed the day at $0.0033 with a market cap of $375 million. In that month, the price was relatively constant ranging between $0.0028 and $0.0037.
However, its market cap and trading volume saw a huge fluctuation. For example, in the same month, the trading volume oscillated between $3 thousand and $9 thousand with the market capitalization varying from $300 million to $416 million.
The Dogecoin price maintained the same momentum in the first few days of April before recording a bullish momentum around April 14 where it closed the day at $.0042. Dogecoin’s trading volume, and market cap were on the rise throughout the second half of the month. The values recorded at the end of April were $0.052, $36K, and $595 million for the price, volume, and market cap respectively.
Dogecoin price loses its grip
Dogecoin lost its grip on the momentum towards May 17 where it started declining closing the month at $0.34, a price range it maintained since June 13 when it exchanged hands at $0.0028.
The range of low price was maintained in the following month but it shed off negative forces on September 1 when it closed the at $0.0063 with a trading volume of $193,826,000 and a market cap of $727,970,620.
Dogecoin maintained the high spirits although the prices started reverting back to the ones recorded in early March. The decline continued until November when Dogecoin price started oscillating around $0.0021.
Dogecoin carried over the declining prices into 2019 with February 2019 being the worst month so far with the Dogecoin price hovering around $0.0019.
The same was replicated in early March 2019 although the price has since started projecting upwards with a current price of $0.0021, a volume of $17,262,660 and a market capitalization of $246,562,176.
Dogecoin price: Going forward
Predictions into the rest of the year are hooked to the already growing price appreciation trend of the Dogecoin price.
Wallet investor, a crypto price prediction platform, records that Dogecoin, in April 2019, will touch a high of $0.0051 and a low of $0.0025. it will then grow weary at the end of May where it will close the month at a high of $0.00036 which will decline further to $0.0014 at the end of June.
The price will continue to hover around $0.0029 before picking up towards the end of the year where Wallet Investor predicts Dogecoin will record a price of $0.0062. On a five-year prediction, Wallet Investor puts Dogecoin at a high of $0.0083 in 2024.
TradingBeasts, another coin price prediction platform does not provide a clear prediction for 2019 because it caps its figures at two decimal places. However, its outlook for the next five years puts Dogecoin at around $0.01.
Other prediction platforms anticipate that the Dogecoin price will reach an average of $0.2 in 2020 where it will record a low of $0.21 and a high of $0.28.
On a five-year scale, the Dogecoin price is predicted to continue experiencing more gains to close a five-year prediction at an average of $0.04 and a maximum of $0.05.
Dogecoin Price: Does it indicate an investment opportunity?
Although Dogecoin was initially a joke, it’s not a joke anymore. With its market capitalization almost touching 1 billion U.S dollars in 2018, it shows investors are beginning to shift their attention from Bitcoin, Ethereum and other coins previously considered as ‘top coins’ for investments.
From our above outlook for the past one year and the next five years, it is evident that Dogecoin was able to maintain a strong movement compared to other altcoins which were hard hit by the bear forces.
The Dogecoin price predictions indicate that, if you are expanding your portfolio, Dogecoin should be included. However, you will have to be glued on the long term price appreciation.