Dogecoin Sustains Upward Trajectory, Passes $1 Billion Mark in Market Capitalization
What seemingly started as ‘joke coin’ Dogecoin has sustained its positive trajectory in the cryptocurrency market to officially surpass the $1 billion mark in terms of market capitalization (cap).
The open-source digital currency was also traded at $0.00960 per token during the trading session on December 25, 2017.
Dogecoin has transformed as one of the best virtual currencies in the market due to its several good features like low fees, stable inflation rate, and fast transactions. According to many supporters of the cryptocurrency, it is the perfect token for neophyte investors who want to learn the intricacies of trading in the digital currency market.
Despite its somewhat low profile in the market, Dogecoin has been very effective as a form of payment for its users. Australian porn star Angela White has allowed visitors to her website to pay in Dogecoin.
The weather forecasting website and mobile app Doge Weather has also accepted tips in dogecoins in order to sustain its operation. The emerging digital currency is also being used in the gambling industry.
Meanwhile, The Sun-Times Media Group is reportedly planning to use Dogecoin as a means of providing tips for its writers. The group is already using Bitcoin as a form of payment.
Despite its low price at the moment, industry players should not underestimate the capability of the cryptocurrency to grow. They should remember that once upon a time, this was also the case of Bitcoin back in 2009. Those who believed in the cryptocurrency then are now reaping the fruits of their investments as Bitcoin’s price has skyrocketed to several thousands of dollars.
It is not expected that Dogecoin will become the next Bitcoin, but the cryptocurrency’s accessibility and usefulness are attracting the attention of a growing number of users. With these qualities, it is safe to say that the digital currency will be one of the altcoins to watch for in 2018.