Dogecoin has the crypto world going crazy! It’s really crazy how powerful social media has become over the last 2-3yrs!
So the trending topic on crypto currency today is Dogecoin. For the past 7 days Doge-Coin has broken record highs on almost every exchange. The main top sites that people use to buy sell and trade Dogecoin are, Binance and Bittrex and Poloniex. Poloniex was my favorite exchange. I actually purchased over 200,000 Dogecoins back in 2015 for somewhere around .0004 cents I believe.
But because of recent crypto laws and regulations in the United States. Poloniex shut down all USA accounts. The cashed out all shares and paid them out in USDT. This was sad for sellers like myself who did not get the memo in time. Reasons like this are most likely why Polonix only saw Dogecoin prices increase by 450% vs exchanges like Binance and Bittrex where they saw price increases of up to 650%
Previous Dogecoin price prediction suggested that a target of $0.019 was a realistic price point. This level, however, have risen way past expectation as Dogecoin skyrocketed all the way up to $0.0875 on Binance. Prices reached the new all-time record high Jan 28tharound 10:30pm Detroit time. Just a week ago the previous low, was around $0.0075, Dogecoin has gained more than 1100 percent.
This is historically one of the largest Dogecoin pump and dumps that the crypto world has ever seen, and many traders have either taken a lot of profits or missed one of the greatest trade opportunities this month. The more you understand crypto. The more you will realize why the Pros saw this as a prime opportunity to cash in. While so many new investors were chasing the next get rich quick investment.
Over the next few weeks, depending on media attention, Reddit, and other social media platforms. You might see, Dogecoin get one more pump. But more than likely you should see Dogecoin retrace its steps back in the opposite direction. As the market normally does after the occasional pump.
If you guys are looking to learn more about Doge-Coin. Check this video on YouTube. This video will explain the breakdown of how I look at making cryptocurrency
Dogecoin came to life way back in 2013. When this coin was created, it was really just a joke. It was created by Jackson Palmer and Billy Markus to satirize the growth of altcoins by making the doge internet meme into a cryptocurrency. While it was birthed as a joke, it started gaining popularity as it became an efficient form of micro-tipping content creators on social media. Doge is a derivative of Luckycoin which forked from Litecoin and uses a Scrypt algorithm. Dogecoin has 1-minute block intervals making it faster than a lot of other blockchains. The key factor when talking about the price of Dogecoin is the fact that there is no cap to the supply of this coin. There for the coin can inflate infinitely. Unlike the best cryptos in the world like Bitcoin. Bitcoin‘s max circulating supply is only 21,000,000 and currently Bitcoin only has 18,000,000 circulating on all exchanges as of Jan 29th 2020.
As always, when Dogecoin pumps, everyone in the crypto community gets excited as it is a well-known fact that Dogecoin is a so-called meme cryptocurrency, based on the popular “Doge” meme that features a Shiba Inu dog. However, Dogecoin price prediction were always the same – pump it up above 100 Satoshi and return back to 15-30 Satoshi. AKA Pump the coin from .003 cents to .001 cents. What most new investors don’t realize is that a majority of crypto enthusiast understand that this crypto has no real world value, in reality it will never make it over .10-.15 cents. Even if it did, it would not stay there for long. So as new money comes into the market, Old money leaves the market. If any crypto trader was stuck holding Dogecoin. This just became a great opportunity to make a very good profit by selling a crypto that will never be worth more than .01 to .02.
What drives the price of any crypto up is very simple. Supply and demand. The fact that anytime new money comes in, old money goes out, combined with the fact that in a matter and a few hours we could see the price of the coin drop by 400%. These two factors alone make Dogecoin one of those volatile crypto on the market at this time. As rumors spread about of thousands of Americans making millions overnight by investing in stocks like AMC and GME. Dogecoin soared towards all time highs. Taking profits up by over 600% in the last 24hrs and over 1114% in the last 7 days.