Dogecoin (DOGE): The 24th largest cryptocurrency – Dogecoin with its current market cap stands at the level of $274,180,841. Dogecoin is a decentralized, peer-to-peer digital currency that enables you to send money online quickly.
Since both moving averages have significantly dipped representing a negative sign. With this, the 20-day EMA shows that the bears have the upper hands which can be analyzed through “downtrend’ in value. The DOGE remains in a bearish trend in its medium-term outlook until the next “uptrend” takes place. Traders and all those community users that long awaited to invest in this asset may have to wait until the next upturn created most of the altcoins have gained in value just in the first week January 2019. Let us not forget that most of the altcoins are proved to be the best one to invest going forward due to the variety of mechanism in place!
Dogecoin started off as a joke, and to some investors, Dogecoin is still a joke. However, the reality is quite different. Dogecoin is the furthest thing from a joke, and its rich list proves it. From a look at the Dogecoin rich list, there is an address that holds $23 million worth of Dogecoin (DOGE). Several other accounts hold millions of dollars’ worth of Doge.
These are wealthy people, and smart investors too. If Dogecoin were a joke, no one would be holding millions of dollars’ worth of it. At least not when there are many other cryptos where one can park that money, Bitcoin (BTC) being one of them. This is an indicator that investors do believe in Dogecoin as an investment.