What is DOGE?
Dogecoin (DOGE) is a cryptocurrency project that was based on the ‘Doge’ meme on the internet. This meme makes a reference to a Shiba Inu, a Japanese breed of hunting dog.
Surprisingly, this cryptocurrency was born as a fork from Litecoin (LTC), one of the largest and leading cryptocurrencies in the market.
Despite the fact that Dogecoin was created based on a meme, individuals were using it as a tipping system that could be used on top of social media networks such as Reddit and Twitter. The founders of Dogecoin are Jackson Palmer and Billy Markus.
The DOGE cryptocurrency remained among the top 30 during the last few years despite having few use cases.
The virtual currency can be basically used as a collectable by users that want to hold a wide variety of cryptocurrencies. At the same time, it can also be held and transacted in a fast and easy way as other digital currencies in the cryptocurrency market.
At the same time, DOGE can be used as a digital currency to perform transactions or as a mere speculative investment.
Compared to other cryptocurrency projects that have a clear roadmap about their future and expansion in the market, the DOGE cryptocurrency does not have a specific plan of what to do or achieve in the next years.
However, there are new updates being made to the cryptocurrency that allow it to remain active. Moreover, DOGE has a very large community that is following the different developments related to the digital currency and how it could be improved in the future.
There are currently 122,271,653,755 DOGE coins in the market with no specific data about its maximum supply. At the same time, the circulating supply is equal to the total supply.
Dogecoin Price Prediction 2020
There are different possibilities for Dogecoin price prediction. In this article, we will be covering the bullish and bearish cases for Dogecoin in 2020.
Surprisingly, DOGE has a very predictable trading pattern. There are periods in which the price of DOGE skyrockets for a short period of time and then it enters a bear cycle. The bear cycles tend to be four times longer than the bull cycles.
In general, these bull and bear cycles are mostly present when DOGE is traded against BTC rather than against the USD.
Bearish case for Dogecoin price prediction
The bearish case for DOGE price prediction would be to enter a bear market that would be longer than usual.
If that happens, we may see that DOGE would not be able to recover its price against BTC or USD.
Since the bull market started in 2017, DOGE was able to be traded at very high prices compared to the price the cryptocurrency handled between 2013 and 2017.
If a bear market affects this digital asset, we might see DOGE falling below $0.00188. If that happens, DOGE would have reached its lowest point in more than two years, which would be certainly not good for the future of this cryptocurrency.
This could happen if the whole cryptocurrency market is not able to receive a larger inflow of money from investors all around the world. Altcoins have been severely affected by the 2018 bear market and things do not seem to be getting better.
Bullish case for Dogecoin price prediction
The bullish Dogecoin price prediction would bring some hope to DOGE investors and holders. If a new alt-season starts, we may see DOGE growing and reaching new highs this year.
Although this could be certainly difficult, the cryptocurrency market is very volatile. DOGE’s all-time high was registered in January 2018 when it was traded above $0.017. In order for DOGE to reach this value once again, the digital currency would have to expand by over 640%.
This is not an impossible task, many cryptocurrencies were able to do so in the past and DOGE is already an established player in the space.
This can certainly happen if new investment starts entering the market and if altcoins are able to capture a large part of these investments. Otherwise, this seems to be a difficult task for DOGE.
Binance Coin (BNB) is an example than in just a few months it is possible to grow by over 750% from $4.5 to over $39.
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