If you are familiar with digital currencies; So you have probably heard of Dogecoin. Dogecoin is one of the loudest digital currency projects that has been in the headlines many times. Buying Dogecoin is definitely one of the options worth considering for many people.
DogeCoin was launched in December 2013 by two software engineers as a fork of Litecoin (LTC). Litecoin itself is a fork of Bitcoin (BTC). The goal of Dogecoin’s initial launch was to create a fast and instant payment system without the usual bank fees. Buy Dogecoin At first, it was done in order to pay a tip on Twitter and Reddit.
The Dogecoin symbol is taken from the famous image of the Shiba Inu dog (Doge). This project was initially a joke with the world of digital currencies. Dogecoin fans were initially those who loved the idea of crypto; But they wanted to make fun of Bitcoin and the financial flows of the market. They believed that everything in the digital currency market is limited to money and there is no room for jokes in this, and thus Dogecoin joined the digital currency market. Dogecoin anyone who wasn’t serious about crypto; But he wanted to participate in it, he attracted it. Dogecoin’s price history includes many changes, which we will discuss below.
DogeCoin ups and downs
Dogecoin started at $0.00026 in 2013 and quadrupled its price in less than a week; But at the beginning of 2014, its price returned below its initial price, but a week later, its price increased 6 times. This indicates that the price of Dogecoin has been and continues to be highly volatile from the very beginning. So in Buy Dogecoin Be sure to pay attention to this point.
At the end of 2017 and during Christmas, the price of Dogecoin increased by 700% and reached around 1 cent, and for the first time its market value exceeded 1 billion dollars. But a month later, its price went back below 1 cent and until the end of 2018, its price did not grow much.
But 2021 was the best year for Dogecoin. This year, the purchase price of Dogecoin broke the ceiling of 1 cent and experienced a 400% growth in less than 24 hours on January 28. With this growth, Dogecoin’s market value exceeded 50 billion dollars and became the 5th largest digital currency in terms of market value for a while. The growth of Dogecoin continued this year until it reached its historical peak of around 74 cents and after that it started its downward trend.
Factors influencing the price of Dogecoin
If looking for Buy Dogecoin You must be familiar with the main factors affecting its price. The price of Dogecoin is highly dependent on news, cyberspace and the general trend of digital currencies, especially Bitcoin.
The main reason for the 400% growth of Dogecoin overnight in 2021 was because of the tweet of Elon Musk, the owner of Tesla, who introduced himself as Doge Father and supported this currency.
Also by checking and Dogecoin analysis And Bitcoin, it can be seen that when Bitcoin takes a downward trend, Dogecoin also experiences a price drop. After the big fall of Bitcoin in 2021, Dogecoin has seen a heavy fall so far. This shows the strong correlation between Dogecoin and Bitcoin.
Among other factors that Buy Dogecoin It should be noted that Dogecoin does not have a limit on the production of coins (unlike Bitcoin). About 5 billion Dogecoins are added to the network every year. This increase in the number of coins causes its price to decrease. Therefore, one should not expect that Dogecoin will see a significant price increase in the long term, just like Bitcoin.
But this does not mean that Buy Dogecoin It is wrong or worthless. Dogecoin has a high daily trading value. This is an important issue for traders and oscillators.
The future of Dogecoin
One of the main factors of the value of a digital currency is the ability to use it outside the digital currency space. For example, you can buy from a company with your digital currency. This advantage can cause the recognition of that currency and as a result increase the transaction and its price.
Due to the low transaction fees and the support of Elon Musk, some companies have started paying through Dogecoin. Below is a list of these companies:
- AMC Theaters
- Dallas Mavericks
Where can you check the current price of digital currencies?
As mentioned above, Dogecoin has high volatility. To Buy Dogecoin Its current price should be kept in mind. The price of digital currencies And Dogecoin can be tracked through reputable exchanges like Nobitex.
With more than 4 million users, Nobitex is the largest digital currency exchange in Iran, and is one of the most reliable options for buying digital currency. You can easily start trading in digital currencies by registering at Nobitex. Instant rial deposit, buying and selling with rials and Tether (dollars) and features such as profit and loss portfolio, loss limit, unique wallet address, support for various transfer networks are all part of the benefits of Nobitex exchange.
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