What Promising Future Does Dogecoin Hold?
July 2, 2017 | By JJ Garcia
To understand beater Dogecoin, let's start from the beginning. In December 08, 2013 Dogecoin was introduced as a" joke coin," and people did find it funny. Dogecoin became a trending sensation. The Dogecoin meme became a viral phenomena. Rapidly, it transformed into something more. Dogecoin grew into a big expanding community with firm roots. The co founder of Dogecoin; Jackson Palmer was contacted by developers in the US to make the idea a reality to become more than a "joke coin." In 2014, Dogecoin community accomplished many goals, with big major fundraisers.
In the 2014 Winter Olympics, Dogecoin's community began a fundraiser that raised to a total of $30,000. The reason, so the Jamaica Bobsled teem can go to the Winter Olympics. Some people say, that the fundraiser was to inspire the movie Cool Runnings.
By the success of the 2014 Winter Olympics, another fundraiser did start Doge4Water, was to help those in need of clean water. The fundraiser set a total of $30,000.
Another accomplishment! The Dogecoin community in 2014 managed to fundraise $55,000 for NASCAR driver Josh Wise.
In less then a year, Dogecoin managed to raise a total of $115,000 in fundraising. To get a better idea of this accomplishment, we need to do a short analisis. By 2014, the value of one Dogecoin was less then a fraction of one cent. Can you imagine to accomplish this amount that requires a great number of people. The fuel for Dogecoin is the ever growing community. In February 12, 2014 the market cap was at a 91,985,567 (USD) at a 24h volume of 9,410,190 (USD).
In August 20, 2014 the market cap of Dogecoin dropped, and it has maintained almost the same way for years. In August 20th, the market cap was at 10,523,610 (USD) at a 24h volume of 217,695 (USD).
Let's look where Dogecoin is now. In July 02, 2017 Dogecoin had tripled the market cap of 2014. In CoinMarketCap.com is at rank 21 so far, the ranking system can change, but so far ranks 21. But why Dogecoin is spiking now? To get a better idea, we need to scope it out to see the larger picture.
If You search Google Trend, and search for Dogecoin in the 12 months time table, you will get the result of the four countries.
The four countries that are interested in Dogecoin, or have been searching the word of Dogecoin. By Google's data base, you will get this list: #1 Brazil, #2 Russia, #3 India, #4 United States.
If we compare it to the chart of google trend, with the Coin Market Cap, you will see that in April 23, 2017 are very similar. At that time was when Dogecoin started to spike again.
If we take a closer look at both charts, you can see that they are very similar.
The question will be; why Brazil is one the most interested in Dogecoin? In Brazil, there is a major revolution in the world of cryptocurrency. Brazil is now going through a catastrophic economical crisis, and a falling government. The people of Brazil found a different economical alternative. Brazilian people are embracing world of cryptocurrency. Bitcoin trading is exceeding the gold trade in Brazil. Brazil is a major player now in the crypto world.
Down below, I will leave a link to a video that explains the situation on Brazil.
Dogecoin is a great coin with a great potential, the backbone of Dogecoin is the community. I do believe that Dogecoin is undervalued because it runs in the same platform as Litecoin. It is great because, you can make fast transactions. I want to thank your all for your support. If you believe that I missed something, please let me know. Next week I will go over Bitbay.
