Cryptocurrency News Today: Dogecoin’s 60% growth over Q2 proves it should be taken seriously – here’s what happened
Dogecoin has been in development since 2013. Its original creators, Billy Markus and Jackson Palmer, wanted to create a Cryptocurrency that wasn’t as stuffy or boring as Bitcoin. They wanted to create a digital coin that was fun, in the hope that it would appeal to a much broader audience than conventional cryptocurrencies like Bitcoin.
Anyone that’s been involved in Cryptocurrency for more than a few months will almost certainly have heard of Dogecoin. And if you’ve ever been on the internet, you’ll probably recognize the Shiba Inu “doge” that acts as the Dogecoin mascot.
Dogecoin was originally based on LuckyCoin which is essentially a variation of the Litecoin code, which is itself derived from Bitcoin. Dogecoin uses a similar mining algorithm to Litecoin, called Scrypt. As a result, Dogecoin has smaller block times compared to Bitcoin. The Scrypt algorithm also makes it more difficult to use specialist ASIC mining equipment to mine the coins.
Though it’s not all fun and games for Dogecoin. Back in 2014, the coin was used to successfully raise $25,000 for the Jamaican bobsleigh team to get them to the Winter Olympics in Sochi. It’s the stuff worthy of a movie deal.
One of the main differences between Dogecoin and other cryptocurrencies like Bitcoin, is that it’s inflationary. While there are only 21 million Bitcoins that will ever be mined, Dogecoin has no limit. According to CoinMarketCap, there are over 120 billion Dogecoins in circulation, at the time of writing.
Let’s take a look at how those Dogecoins have performed over the last quarter, but first, a quick recap of how it performed in previous years.
Dogecoin/USD historic performance recap
For two years between July 2015 and March 2017, Dogecoin traded between $0.0001 and $0.0004, with little variation. As with most other cryptocurrencies though, Dogecoin experienced its most notable price increases between mid-2017 to early 2018.
At the end of May 2017, Dogecoin’s trading price rose from $0.001066 on May 16 to $0.003747 on May 23, a 251-percent increase. By late September of the same year, the coin’s trading price fell back towards $0.001134. It continued trading around this price until late November when the coin began to grow towards its biggest rally to date.
Dogecoin reached its all time high price during the Cryptocurrency boom across the winter of 2017 to 2018. On January 7, 2018, Dogecoin was trading at $0.017491, a staggering 1,442% up on where it was trading a couple of months earlier.
As was the case with other cryptocurrencies, Dogecoin’s prices fell sharply as 2018 progressed. There were two brief rallies which saw Dogecoin’s price increase noteworthy amounts. The first came in April when Doge’s price jumped from $0.002708 to $0.005868. The second came in late August when Doge’s price jumped from $0.002321 to $0.006575 over a two-week period.
Ultimately though, Dogecoin ended 2018 a long way down from the high is saw in early January. On December 20, 2018 the Cryptocurrency was trading at just $0.002360, 86-percent down on its lifetime high seen in January.
Dogecoin has shown few signs of ever reaching a trading price like it did during the 2017/2018 boom: since late last year through the first quarter of 2019 it has traded around $0.002. However, at the start of April, Dogecoin’s trading price started heading skyward. It has been on the up, slowly, ever since.
On the last day of Q1, Dogecoin was trading at $0.002075; over the next four days its price ro