Dogecoin, the alternative cryptocurrency that has the Japanese dog Shiba Inu spil its mascot, reached fresh milestones spil wij entered the fresh year. The market capitalization of the blockchain network exceeded $Two billion (temporarily), and the price vanaf doge is now close to two cents.
Initial Irony turns to Genuine Solution
The cryptocurrency that began spil a joke is now one of the 43 cryptoassets with a valuation of more than $1 billion according to CoinGecko. The price of Dogecoin (DOGE) against the US dollar is shown below, with stability seen leading up to December. On Christmas day, the price reached the $0.01 psychological level for the very first time ter its history. At the time of writing, the price sits just below $0.02.
Similar to how products, such spil cereals, pack a space dimension according to their different characteristics, dogecoin packed the void of a humorous cryptocurrency.
Products proceed to emerge on the market until the ‘space’ is saturated. Similarly, with cryptocurrency, while dogecoin swiftly packed the void of a humorous cryptocurrency (with FUCK token and Worthless Ethereum Token following te their footsteps straks), it also provides cheap transactions, making it ideal for tipping and gifting.
Also, the distance or switching costs inbetween bitcoin and dogecoin are suggested to relatively low, other altcoins are placed further away from bitcoin ter the product space, for example those not based on Bitcoin’s code. Could it be that the joke coin ter the early wave of alts now looks serious amongst all of the ICOs and altcoins being released and hyped more recently? Or are the cracks of the fiat system beginning to voorstelling now that a cryptocurrency created spil a joke is now worth more than one cent?
Te fact, spil DOGE makes fresh highs, so has the median transaction value, which has ascended to triple-digit figures regarding US dollars. For early January 2018, the figure has risen to $584.83, converging with the much more famous altcoins bitcoin metselspecie and dash. For most of 2018, the median transaction value for dogecoin wasgoed around $20-$30.
The only other period for when this is true is January 2014, when the median transaction value peaked at $399.58. Spil cryptocurrency comes in the mainstream consciousness te the past few months following bitcoin’s price gyrations, is the community gaining support again?