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The State of Dogecoin and Its Future in 2019

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  • Dogecoin is most preferred by users because of its low transaction fees.

  • DOGE has one of the strongest following on social networks which include Reddit, Facebook, and Twitter.

  • The future is bright for this coin because of its different strategies and upgrades, it develops trust to its users.

Dogecoin (DOGE) is one of the cryptocurrencies famously referred as a “joke currency”, it has a market capitalization of around $308 million rankings at 29. The current DOGE market price is $0.002546. It became popular among the members of cryptocurrency because of the following factors:

  • Its supply is uncapped making it not a deflationary coin and it will keep a steady pace and remain stable when it will reach the declining yearly inflation rate which is currently about 5.256%.

  • The transaction fees are very low and one strategy that they use to keep miners intact and secure the network is by rewarding them. This motivates the miners to become keen and process transactions without any delay and enables them to generate new blocks based on a more precise algorithm for calculating rewards.

  • In terms of validation of transactions on its network, Dogecoin blockchain uses scry.pt technology and the proof-of-work (PoW) consensus algorithm.

  • Unlike Bitcoin (BTC) and Litecoin (LTC), the Dogecoin network can allow for more transaction times because it has a block time of around 1 minute compared to LTC which has 2.5 minutes block times and 10 minutes for BTC.

  • The start of the initiative called “SaveDogemas” by the Dogecoin community for helping the victims of the hacking incident where they lost millions of their coins. This attracted more members to continue investing in DOGE.

  • Its famous tag as an “Internet currency” that enables its users to easily conduct monetary transactions. This is possible because of the availability of Dogecoin’s wallets for Android, OS X, Windows and Linux users.

  • The creation of the Reddit group and IRC Chat channel by the crypto’s supporters which enables new members to join since it’s Dogecoin friendly.   

  • The upgrading of Dogecoin Core 1.14 in late June 2019 which enabled the DOGE holders to make a backup of their wallet.dat files. This enables users to have their files secure and up to date.

Dogecoin has a bright future because people are realizing its worth, from being a crypto joke to real investment. DOGE might reach $0.0147 highs in early 2020. Although some investors from the reviews claim that they sold at a loss but they prefer using it to buy some exotic coins that one can get much cheaper with DOGE than with BTC. And DOGE can be purchased in multiple ways like USD, credit cards, etc.

Conclusion

In conclusion, Dogecoin has to build sufficient buying pressure for it to break above strong resistance or continue with its bearish trend. This coin can take advantage of its strong community on Reddit, Facebook, and Twitter. It was ranked the second cryptocurrency after Bitcoin on CoinGecko.com for having the second strongest community on social media.