Dogecoin (DOGE) is a well-known cryptocurrency that started as a joke but has grown into a widely recognized digital asset with an active community and notable market presence. This guide provides an in-depth look at Dogecoin’s current metrics, historical performance, and key market indicators.
Current Dogecoin Price and Performance
As of the latest data, Dogecoin is trading at $0.1630**, reflecting a 24-hour increase of **2.35%**. The opening price was $0.1578, marking an intraday gain of 3.28%. Over the past 24 hours, the price ranged between $0.1570 and $0.1634**.
Despite recent gains, DOGE remains 76.40% below its all-time high of $0.6905. Over the past 30 days, the token has declined by 20.46% from its peak but is still up 13.35% from the monthly low.
Dogecoin Market Data and Rankings
Dogecoin holds a strong position in the cryptocurrency rankings:
- Market Cap: $24.3 billion (Ranked #8)
- Fully Diluted Valuation (FDV): $24.4 billion
- 24-Hour Trading Volume: $544.6 million (Ranked #12)
- Circulating Supply: 149,929,776,384 DOGE
- Total Supply: 149,929,776,384 DOGE
Trading activity for Dogecoin is significantly higher than the average for cryptocurrencies launched in 2013, which typically see around $23.8 million in daily volume.
What Is Dogecoin?
Dogecoin was introduced in December 2013 as a lighthearted alternative to Bitcoin. It features the Shiba Inu dog from the popular "Doge" meme as its mascot. Despite its humorous origins, DOGE has evolved into a serious digital currency with a dedicated following.
Technically, Dogecoin is a coin that uses the Scrypt proof-of-work algorithm, making it mineable. It was designed to be more accessible and less resource-intensive than Bitcoin.
Dogecoin Wealth Distribution Analysis
Understanding the distribution of DOGE holdings provides insight into its market dynamics:
- The top 10 addresses hold 45.30% of the total supply.
- The top 100 addresses control 18.89%.
- The remaining supply is distributed among other holders.
It's important to note that some of the largest addresses are likely exchange-controlled wallets.
Dogecoin ROI and Volatility
Dogecoin’s returns and volatility vary across different time frames:
- 3-Month ROI: +0.69%
- 6-Month ROI: -54.22%
- 12-Month ROI: +31.69%
Volatility has also shifted over time:
- 3-Month Volatility: 44.75%
- 6-Month Volatility: 66.42%
- 12-Month Volatility: 95.66%
These metrics highlight both the potential rewards and risks of investing in DOGE.
Dogecoin Technical Analysis
Technical indicators help traders assess market sentiment and potential price movements. Key metrics for DOGE include:
- RSI (14): 43.28 (Neutral)
- Commodity Channel Index (20): -52.38 (Neutral)
- Moving Averages: Most short and long-term SMAs and EMAs indicate a "Sell" signal based on current momentum.
These indicators should be used alongside broader market analysis for informed decision-making.
Dogecoin Blockchain Activity
The Dogecoin network remains active:
- 24-Hour Transactions: 55,135
- Transaction Fees: Median fee is $0.0646
- Blockchain Size: 159.73 GB
- 24-Hour Blocks Mined: 1,381
These figures reflect a healthy and functioning blockchain with consistent usage.
Trading Dogecoin
DOGE is listed on 77 exchanges, providing ample liquidity and trading options for users. Its high trading volume makes it one of the most liquid altcoins available.
When trading DOGE, it’s essential to consider market trends, technical indicators, and overall crypto market sentiment. 👉 Explore more strategies for trading meme coins and other digital assets.
Frequently Asked Questions
What is Dogecoin used for?
Dogecoin is primarily used for tipping and small transactions online due to its low fees and fast transaction times. It is also used for charitable fundraising and as a speculative investment asset.
Is Dogecoin a good investment?
Like all cryptocurrencies, Dogecoin carries risks and rewards. Its price is highly volatile and influenced by social media trends, market sentiment, and broader crypto market movements. Always conduct thorough research before investing.
How is Dogecoin different from Bitcoin?
Dogecoin uses the Scrypt algorithm, which is less energy-intensive than Bitcoin’s SHA-256. It also has an inflationary supply model with no cap, unlike Bitcoin’s fixed supply of 21 million.
Can I mine Dogecoin?
Yes, Dogecoin is mineable using GPUs or ASICs designed for Scrypt-based mining. However, mining difficulty has increased over time, and profitability depends on electricity costs and hardware efficiency.
Who created Dogecoin?
Dogecoin was created by software engineers Billy Markus and Jackson Palmer as a fun and friendly alternative to Bitcoin.
What determines the price of Dogecoin?
The price of DOGE is influenced by supply and demand, social media trends (especially by high-profile influencers), market sentiment, and developments within the Dogecoin ecosystem.