Although Dogecoin is well known for its humorous beginning based on an internet meme, it has grown to become a solid cryptocurrency. During 2020, DOGE became a highly recommended currency in the industry.
The real question is how much profit you can get from it? Let’s check it out!
What is Dogecoin?
Dogecoin is a decentralized transaction platform where people can trade tokens, called DOGE. It was created in 2013 by Billy Markus and Jackson Palmer as a joke, at first. The cryptocurrency was developed based on Luckycoin. So from a technical point of view, its emergence wasn’t a breakthrough.
It gained a lot of popularity after its appearance because of its meager price and ample supply. Although it had a hard cap when it first appeared, it is now of infinite supply. It also features one-minute block intervals, so if you’re looking for a cryptocurrency with speed, it’s an ideal choice.
Why Should You Buy Dogecoin?
These are the basic points to consider when purchasing DOGE.
Because of its one-minute block intervals, Dogecoin transactions are very quick. They are usually cheap and accurate too.
Easy to Buy
Even with its infinite supply, the Dogecoin price is meager. This means that it’s easy for any interested investor to purchase the cryptocurrency without breaking the bank and make a profit on it too.
Dogecoin is popular so that it can be found on a wide range of exchange and trading platforms. It’s also usually supported on online sites that accept crypto as a payment method.
This cryptocurrency is doing pretty well, despite its humorous nature.
Dogecoin Price Movement in 2020
Even with the market crash that happened in 2020, Dogecoin’s value fluctuation was still impressive towards investors.
- In the first half of the year, the price performed well. It was set at $0.002 in January, but by February, it had increased to $0.0035.
- By March, due to the Covid-19 pandemic, the value had considerably decreased to $0.0012. Even with this, it had a strong support level, and buyers’ trends influenced the movement. This made the price increase to $0.0054 by July.
- In the second half of 2020, Dogecoin was doing well until November, when the value dropped again to $0.0025. After this, the digital currency experienced gradual growth and was even supported by Elon Musk, who tweeted about it. These factors led to the price-setting at $0.0054 by December.
- It’s expected that Dogecoin will continue to increase in value. CoinSwitch, a leading cryptocurrency website, predicted that Dogecoin would reach an average value of $0.03 by 2023.
For long-term investors, expect the value to increase to $0.045 and if it manages to surprise investors, $0.05 by 2025.
Invest in Dogecoin Today
From this Dogecoin price prediction 2020, you can see that it was a good year for this cryptocurrency. It was able to recover from the market crash, but it is still showing strong potential for increasing in value as time goes on.
If you want to invest in Dogecoin, purchase it from an exchange platform. There are various top platforms, such as Godex, to choose from where you can exchange cryptocurrencies with ease at low prices and quick speed.