What is the Future of Dogecoin?

If you’re more or less familiar with the crypto world, you know that Dogecoin was started out of a meme. When Billy Markus coded this Luckycoin fork back in 2013, it was immediately labelled as a crypto joke. However, it didn’t stop speculators and crypto enthusiasts to consider it a valuable opportunity to generate gains. Generally, Dogecoin has been backed by an active online community, even after co-founder Jackson Palmer departed from the project.

Dogecoin’s primary usage is functional engagements – user to user and user to merchants. Dogecoin is an offering on nearly all of the crypto payment processors, and is successfully used, so it’s just a crypto joke as it’s often nicknamed.

Besides, the coin has been used by the community in fundraising projects, for example, raising money to build clean water wells in some developing countries or supporting Olympians in attending the winter Olympics in Sochi, Russia.

Dogecoin’s design and concept maintain it in the top. The coin often demonstrates strong bullish rallies. Currently, it is positioned on the 28th place on Coinmarketcap’s list of largest coins by market cap – can you imagine that? Over $400 million has been invested in this coin, which is priced at $0.0033 right now.

So, what is the future of the coin in 2019 and next year? Well, Dogecoin has some great applications, ongoing development, and great support from the community. Considering this, the short answer is that the coin won’t disappear and will continue to preserve value. The hundreds of millions will still be there. Think about it – Dogecoin has been around since about 6 years – if it’s really a joke coin with no value whatsoever, wouldn’t investors realize its uselessness and exit the market by now? They would have done it already for sure, but they regard this coin as a trendy use case of cryptocurrency that will hardly surrender even amid bearish markets.

Don’t get me wrong – I don’t claim Dogecoin is the best crypto investment to be considered by 2020. I just want to point out that this coin won’t die during this period, as others say.

In fact, Dogecoin tries to mimic the general performance of the crypto market, which is led by Bitcoin. If you check the chart below, you’ll see that Dogecoin repeated the Bitcoin patterns and performed better since March 2018:

Sometimes the Dogecoin can be quite influential and surprisingly push the prices up out of nothing. On April Fool’s Day, the Dogecoin team organized a poll on Twitter, asking who was the ideal CEO for the coin – the irony is that the cryptocurrency has a decentralized concept and doesn’t need a CEO.

Elon Musk was voted by 54% of responded, which attracted his attention and replied with several tweets that mentioned the coin.

“Dogecoin rulz,” Musk said in a tweet that had the Dogecoin meme on it.

“Dogecoin might be my fav cryptocurrency. It’s pretty cool,” he tweeted on another occasion.

Musk’s tweets and the whole situation had a strong bullish impact, with the Dogecoin price surging about 100% from April 1 to 4.

Yes – a joke cryptocurrency has doubled its price after a joke poll posted on April Fool’s Day, increasing the market cap by over $230 billion. I know it doesn’t sound as if it makes sense, but we should accept reality.

All in all, Dogecoin’s performance by the end of 2020 is heavily dependent on Bitcoin’s behavior. We may see the DOGE price fluctuating between $0.0015 and $0.0060.

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