Dogecoin (DOGE) was created as a fun alternative to larger cryptocurrencies, such as Bitcoin. It was made in 2013, using the name Doge and the image of a Shiba Inu from a popular internet meme.
The DOGE is designed to be abundant, opting to mint 10000 every day with no intention of capping the supply. This lies in contrast to other coins that are designed to be scarce, such as Bitcoin. The abundance fits in with the idea that Dogecoin was meant to be lighthearted, with low stakes.
Due to its meme beginnings, Dogecoin attracted a large online community. So much so that in 2014, the community was able to come together to send the Jamaican bobsled team to the Winter Olympics in Sochi, funded entirely by Dogecoin.
As of December 2021, Dogecoin sits at €0.15. Over the past month, there has been a slight downward trend in the price of Dogecoin. In late November, a single DOGE cost around €0.21, while dipping as low as €0.12 in early December.
Over the beginning of the month, there has been a slight upward trend with a 2.47% increase in price. Alongside this growth in value, activity shows that 62% of Dogecoin holders are currently selling their coins. There are currently 132.6 billion coins in circulation, which leads to a market cap of €20.2 billion.
Dogecoin has proven itself to be a volatile coin that can rise dramatically from just a single tweet. Back in May 2021, a single mention by Elon Musk on Twitter had the meme coin sharply increasing in value by 15,653% in the span of 24 hours. It subsequently fell back down, reaching a low of €0.14 in July.
Earlier in the year, it was announced that Dogecoin can now be used for transactions. Over twenty merchants, including Tesla, now accept Dogecoin as a form of payment. With the advancements for Dogecoin, it rose to €0.31 in August before falling to €0.17 again in September.
In October, with the launch of the first Bitcoin ETF, doge rose as high as €0.24.
Going by historical data, Dogecoin appears to have an overall positive trend. Some analysts estimate that Dogecoin will reach an average of €0.28 by the end of 2022 and an average of €0.72 by 2028. Other analysts think that Dogecoin will reach peaks as high as €5.62 by 2030.
When attempting to predict the cost of Dogecoin going into the future, it is important to remember that the crypto market continues to be a very volatile space. A single mention in the right media may have Dogecoin soaring into the skies, as it did earlier this year, or crashing into the ground. It is always recommended putting research into all of your investments and never invest more than you can stand to lose.