Dogecoin’s 60% growth over Q2 proves it should be taken seriously

Dogecoin has been in development since 2013. Its original creators, Billy Markus and Jackson Palmer, wanted to create a cryptocurrency that wasn’t as stuffy or boring as Bitcoin. They wanted to create a digital coin that was fun, in the hope that it would appeal to a much broader audience than conventional cryptocurrencies like Bitcoin.

Anyone that’s been involved in cryptocurrency for more than a few months will almost certainly have heard of Dogecoin. And if you’ve ever been on the internet, you’ll probably recognize the Shiba Inu “doge” that acts as the Dogecoin mascot.

Sure, Dogecoin might play on the popular internet “doge” meme , but when it comes to cryptocurrency, it’s a serious project.

Dogecoin was originally based on LuckyCoin which is essentially a variation of the Litecoin code, which is itself derived from Bitcoin. Dogecoin uses a similar mining algorithm to Litecoin, called Scrypt. As a result, Dogecoin has smaller block times compared to Bitcoin. The Scrypt algorithm also makes it more difficult to use specialist ASIC mining equipment to mine the coins.

Though it’s not all fun and games for Dogecoin. Back in 2014, the coin was used to successfully raise $25,000 for the Jamaican bobsleigh team to get them to the Winter Olympics in Sochi. It’s the stuff worthy of a movie deal.

One of the main differences between Dogecoin and other cryptocurrencies like Bitcoin, is that it’s inflationary. While there are only 21 million Bitcoins that will ever be mined, Dogecoin has no limit. According to CoinMarketCap , there are over 120 billion Dogecoins in circulation, at the time of writing.

Let’s take a look at how those Dogecoins have performed over the last quarter, but first, a quick recap of how it performed in previous years.

Dogecoin/USD historic performance recap

For two years between July 2015 and March 2017, Dogecoin traded between $0.0001 and $0.0004, with little variation. As with most other cryptocurrencies though, Dogecoin experienced its most notable price increases between mid-2017 to early 2018.

At the end of May 2017, Dogecoin’s trading price rose from $0.001066 on May 16 to $0.003747 on May 23, a 251-percent increase. By late September of the same year , the coin’s trading price fell back towards $0.001134. It continued trading around this price until late November when the coin began to grow towards its biggest rally to date.

Dogecoin reached its all time high price during the cryptocurrency boom across the winter of 2017 to 2018. On January 7, 2018, Dogecoin was trading at $0.017491, a staggering 1,442% up on where it was trading a couple of months earlier.

As was the case with other cryptocurrencies, Dogecoin’s prices fell sharply as 2018 progressed. There were two brief rallies which saw Dogecoin’s price increase noteworthy amounts. The first came in April when Doge’s price jumped from $0.002708 to $0.005868. The second came in late August when Doge’s price jumped from $0.002321 to $0.006575 over a two-week period.

Ultimately though, Dogecoin ended 2018 a long way down from the high is saw in early January. On December 20, 2018 the cryptocurrency was trading at just $0.002360, 86-percent down on its lifetime high seen in January.

Dogecoin/USD Q2

Dogecoin has shown few signs of ever reaching a trading price like it did during the 2017/2018 boom: since late last year through the first quarter of 2019 it has traded around $0.002. However, at the start of April, Dogecoin’s trading price started heading skyward. It has been on the up, slowly, ever since.

On the last day of Q1, Dogecoin was trading at $0.002075; over the next four days its price rose to $0.003854. This upward trend was seen across numerous cryptocurrency markets. Unfortunately, it was swiftly followed by a correction that saw Doge’s price drop to $0.002873. A notable decrease from its early quarter high, but still 38-percent up on where it opened the quarter.

Dogecoin had two notable rallies in Q2, the first came in mid-May and saw the cryptocurrency’s price rise from $0.002480 on May 10 to $0.003388 on May 16. However, within 24 hours Doge’s price dropped by 16 percent to $0.002849.

The second rally came at the end of May, when the coin’s price rose from $0.002968 to $0.003578. As ever, this rally was followed by a dip which saw Dogecoin’s price drop to $0.003010 on June 6.

All these price rises and sudden drops might seem less than stellar for the long term outlook of the coin. However, stepping back and examining Dogecoin’s growth over the entire quarter will be more pleasing to long term holders of the asset.

It may have had its ups and downs this quarter, but Dogecoin started April trading around $0.002086 and ended the quarter at $0.003356, a strong 60-percent increase over the three-month period.

Major events in Q2

As you might suspect, Dogecoin is never far from the meme culture from which it was born. This is not necessarily a bad thing, it maintains interest in the coin and keeps conversations fun and lighthearted. After all, that’s what its creators set out to do.

At the start of April, shortly before the coin‘s major rally of the quarter, Tesla’s head honcho Elon Musk said that Dogecoin was his favorite cryptocurrency . He even changed his Twitter bio to read “CEO of Dogecoin,” it was changed shortly after to “retired CEO of Dogecoin.” Even Musk isn’t above the meme . Whatever the case, Musk’s musings certainly seemed to stir some extra interest in the cryptocurrency.

In more serious news, Doge was listed on Huobi – one of the world’s top 10 cryptocurrency exchanges by reported volume – in April. According to CoinMarketCap, Huobi is one of the top 20 markets for Doge (at the time of writing).

Doge was listed on Huobi on April 4, the day that the coin’s price started retreating from its early quarter high. Seemingly, the anticipation and speculation in the days prior to this listing served as a greater boon to the coin’s price than the actual listing did itself.

Rumors were also afloat that another of the world’s largest cryptocurrency exchanges, Binance, would be listing Doge in the near future. In early July, Binance confirmed rumors and listed Dogecoin, according to a support statement . Doge’s price pumped afterwards and had given a good start to Q3 for the cryptocurrency.

Looking forward to Q3 for Dogecoin

Indeed, Dogecoin getting listed on more exchanges can only be a good thing (assuming those exchanges aren’t ever hacked for Doge).

The meme-based cryptocurrency will have a long way to go if it is to maintain the strength it has shown in the most recent quarter. Given that in the months prior to Q2, Doge had shown few signs of life since the famous 2017 bull run.

But given Doge’s strong, but perhaps a little volatile, second quarter, the short term prognosis is looking good. Presuming it can maintain the interest that has fueled some of its latest rallies, Dogecoin looks many positive, much hodl, very good.

Satoshi Nakaboto: ‘Bitcoin dives below $9000’

Our robot colleague Satoshi Nakaboto writes about Bitcoin every fucking day.

Welcome to another edition of Bitcoin Today, where I, Satoshi Nakaboto, tell you what’s been going on with Bitcoin in the past 24 hours. As Marie Curie used to say: Yippee!

Bitcoin Price

We closed the day, September 24 2019, at a price of $8,620. That’s a very concerning 11.39 percent decline in 24 hours, or -$1108.75. It was the lowest closing price in one hundred and two days.

We’re still 57 percent below Bitcoin‘s all-time high of $20,089 (December 17 2017).

Bitcoin market cap

Bitcoin’s market cap ended the day at $154,785,821,876. It now commands 69 percent of the total crypto market.

Bitcoin volume

Yesterday’s volume of $25,002,886,689 was the highest in sixty-seven days, 62 percent above the year’s average, and 44 percent below the year’s high. That means that yesterday, the Bitcoin network shifted the equivalent of 507 tons of gold.

Bitcoin transactions

A total of 353,106 transactions were conducted yesterday, which is 5 percent above the year’s average and 21 percent below the year’s high.

Bitcoin transaction fee

Yesterday’s average transaction fee concerned $0.44. That’s $3.27 below the year’s high of $3.71.

Bitcoin distribution by address

As of now, there are 12,254 Bitcoin millionaires, or addresses containing more than $1 million worth of Bitcoin.

Furthermore, the top 10 Bitcoin addresses house 5.6 percent of the total supply, the top 100 14.5 percent, and the top 1000 34.3 percent.

Company with a market cap closest to Bitcoin

With a market capitalization of $154 Billion, HSBC Holdings has a market capitalization most similar to that of Bitcoin at the moment.

Bitcoin’s path towards $1 million

On November 29 2017 notorious Bitcoin evangelist John McAfee predicted that Bitcoin would reach a price of $1 million by the end of 2020.

He even promised to eat his own dick if it doesn’t. Unfortunately for him it’s 91.9 percent behind being on track. Bitcoin‘s price should have been $106,375 by now, according to dickline.info.

Bitcoin Energy Consumption

Bitcoin used an estimated 200 million kilowatt hour of electricity yesterday. On a yearly basis that would amount to 73 terawatt hour. That’s the equivalent of Austria’s energy consumption or 6,8 million US households. Bitcoin’s energy consumption now represents 0.3% of the whole world’s electricity use.

Bitcoin on Twitter

Yesterday 21,250 fresh tweets about Bitcoin were sent out into the world. That’s 12.6 percent above the year’s average. The maximum amount of tweets per day this year about Bitcoin was 41,687.

Satoshi Nakaboto: ‘Bitcoin now holds 70% of the total crypto market share’

Our robot colleague Satoshi Nakaboto writes about Bitcoin every fucking day.

Welcome to another edition of Bitcoin Today, where I, Satoshi Nakaboto, tell you what’s been going on with Bitcoin in the past 24 hours. As Kierkegaard used to say: Money makes the world go around!

Bitcoin price

We closed the day, August 20 2019, at a price of $10,763. That’s a minor 1.40 percent decline in 24 hours, or -$153.12. It was the lowest closing price in one day.

We’re still 46 percent below Bitcoin‘s all-time high of $20,089 (December 17 2017).

Bitcoin market cap

Bitcoin’s market cap ended the day at $192,530,283,565. It now commands 70 percent of the total crypto market.

Bitcoin volume

Yesterday’s volume of $15,053,082,175 was the lowest in one day, 1 percent below the year’s average, and 66 percent below the year’s high.

Bitcoin transactions

A total of 333,151 transactions were conducted yesterday, which is 0 percent below the year’s average and 26 percent below the year’s high.

Bitcoin transaction fee

Yesterday’s average transaction fee concerned $0.71. That’s $3.00 below the year’s high of $3.71.

Bitcoin distribution by address

As of now, there are 17,158 Bitcoin millionaires, or addresses containing more than $1 million worth of Bitcoin.

Furthermore, the top 10 Bitcoin addresses house 5.4 percent of the total supply, the top 100 14.3 percent, and the top 1000 34.4 percent.

Company with a market cap closest to Bitcoin

With a market capitalization of $194 Billion, Pfizer has a market capitalization most similar to that of Bitcoin at the moment.

Bitcoin’s path towards $1 million

On November 29 2017 notorious Bitcoin evangelist John McAfee predicted that Bitcoin would reach a price of $1 million by the end of 2020.

He even promised to eat his own dick if it doesn’t. Unfortunately for him it’s 88.0 percent behind being on track. Bitcoin‘s price should have been $89,832 by now, according to dickline.info.

Bitcoin on Twitter

Yesterday 16,596 fresh tweets about Bitcoin were sent out into the world. That’s 14.0 percent below the year’s average. The maximum amount of tweets per day this year about Bitcoin was 41,687.