DOGECOIN 101

Dogecoin is an altcoin that has recently grabbed the mainstream attention causing people to get more information about it and subsequently buying it.

HISTORY

Dogecoin was never meant to become a serious cryptocurrency in which people would invent. It was formed as a joke which caught the attention of internet and became viral. It was then that an IBM software engineer Billy Markus met with Jackson Palmer i.e. the original inventor of dogecoin and made it official. It was launched on December 6,2013. There were over 30 million visitors on the 1st month itself on dogecoin.com.

On December 19,2013, Dogecoin jumped nearly 300 percent value in 72 hours, rising from US$0.00026 To US$0.00095,with a volume of billions of Dogecoin per day.

MARKET STATS

Market capitalization was at the $33.6 Billion level and despite a drop in trade volume in the past 24 hours, the altcoin was rallying. The price was 65.1% away from its ATH of $0.73.

IS IT WORTH INVESTING?

Dogecoin has a stronger base of HODLers for every market dip it, based on on-chain data from intotheblock. A statistic that supports this narrative is that despite the rise in trade volume in the past, the number of addresses sending Dogecoin was dropping.

It is likely that HODLers are buying the dip. DOGE was profitable for HODLers holding for a minimum of 90 days to a year, based on ROI metrics from Messari. Social volume is a key driver, after HODLer metrics. And based on the HODLer metrics, 69% HODLers are profitable at the current price level and the concentration by large was up to 66%.

Based on the above metrics, it is likely that HODLing DOGE would be profitable, considering large wallet inflows have increased. However, if day traders are looking for high short-term ROI, selling DOGE for other altcoins may be the way to go, provided you book profits.