Dogecoin was created as a cryptocurrency parody token in 2013, based on a viral internet meme. The biggest joke about it, though? The token is doing pretty well.
Since its creation, the meme has stayed relevant sponsoring entities such as Nascar drivers. Thinking it was barking up the wrong tree, the parody coin hit its $1 billion USD market cap at the beginning of the year and sits comfortably in the top fifty cryptocurrencies.
Figures in 2018
At the beginning of the year, the parody token was sitting in position number thirty of the most valuable cryptocurrencies by market cap on January 7th and was trading at a value of $0.015211 USD. In January, it was totaling a market cap of $1,713,710,709 USD.
Moving ahead to the current state of affairs, Doge has dropped five places to the 35th most valuable cryptocurrency and is trading for $0.002542 USD, with a total market cap of $294,676,381 USD.
To put it in statistical form, the network has lost some 83% of its trading value over the past eight months, while its market cap has similarly diminished by the approximately the same percentage.
Transaction fee estimates
According to calculations based on the network’s average transactions, the network’s fees will see a value of4.06832 DOGE/KB per high priority transaction, (1-2 blocks) 0.0001 DOGE/KB per medium priority transaction (3-6 blocks) and 0.00007 DOGE/KB for a low priority transaction (more than 7 blocks).
No, not Robinhodl.
But pretty close. When Robinhood listed Dogecoin on its trading platform, the token’s prices shot up by a mammoth 20%
Although the token has gained itself some tasty investments and sponsorships, such as the Jamaican bobsled team at the Winter Olympics, the parody based on the Japanese Shiba Inu might remain a meme and not gain the traction required to send the canine token to the moon.
Stranger things have happened, though, and Dogecoin could well skyrocket.
The post Is Dogecoin up the right tree to become a barking success? appeared first on Coin Insider.