Dogecoin is just under 2 months old but is quickly gaining speed as one of the top crypto currencies. Price has gone up about 500% in the last 2 weeks mostly due to positive media attention with reddit dogecoin users donating millions of dogecoins to send the Jamaican bobsled team and an indian luger to Sochi.
The speed at which the community is growing is like bitcoin on steroids. Already Dogecoin has nearly 50,000 users which is about half of what bitcoin has, but keep in mind...bitcoin has been around for years. Here are the reddit metrics http://redditmetrics.com/r/dogecoin as you can see, dogecoin is the number 454th highest subreddit vs 202 for bitcoin.
Just at the beginning of January, Dogecoin had a market cap of about $8m. Today its $61 million. In another 2 weeks or so, the reward for mining will halve and we can expect to see more of a rise in price.
Because there are about 5,000 times as many coins as bitcoins, logic suggests that with as much support for dogecoin as bitcoin (and its about halfway there) we should see dogecoin hit 1/5000th the price of bitcoin. So at $800 per btc, that should put dogecoin at .16 each. Currently the price is about .0016, so from here, there is a good amount of statistical probability that dogecoin is going to go up another 10,000% before it finds its parity with bitcoin.
Keep watching http://redditmetrics.com/r/dogecoin everyday to see how fast the community is growing. If you missed the bitcoin boat, this looks like its going to be the last ship.
The speed at which the community is growing is like bitcoin on steroids. Already Dogecoin has nearly 50,000 users which is about half of what bitcoin has, but keep in mind...bitcoin has been around for years. Here are the reddit metrics http://redditmetrics.com/r/dogecoin as you can see, dogecoin is the number 454th highest subreddit vs 202 for bitcoin.
Just at the beginning of January, Dogecoin had a market cap of about $8m. Today its $61 million. In another 2 weeks or so, the reward for mining will halve and we can expect to see more of a rise in price.
Because there are about 5,000 times as many coins as bitcoins, logic suggests that with as much support for dogecoin as bitcoin (and its about halfway there) we should see dogecoin hit 1/5000th the price of bitcoin. So at $800 per btc, that should put dogecoin at .16 each. Currently the price is about .0016, so from here, there is a good amount of statistical probability that dogecoin is going to go up another 10,000% before it finds its parity with bitcoin.
Keep watching http://redditmetrics.com/r/dogecoin everyday to see how fast the community is growing. If you missed the bitcoin boat, this looks like its going to be the last ship.
