Following Elon Musk’s antics around the DogeCoin project, there was a lot of interest in the overnight sensation that saw the BTC/Doge trading pair rise to the top of most exchanges’ charts. The early adopters of the BTC to DOGE pair raked in a lot of money because while BTC was on a bearish run, Dogecoin was on a bull run, which meant increased profits for traders.
Here is a look at what makes the BTC/Doge pair unique, and why you need to keep your eyes on it.
Bitcoin — the Project Potential
Bitcoin is a decentralized digital currency that can be transferred on the peer-to-peer blockchain network. The digital currency was intended to provide an alternative payment system that would operate free of centralized control but could still be used just like traditional fiat currencies.
Bitcoin’s project was not an instant success, but once word about its potential hit mainstream media, bitcoin became a household sensation, rising to top of the digital currencies perking order. BTC grew so rampantly between 2009 and 2020 that there was serious talk of BTC eventually replacing fiat currencies.
While that still remains a far-fetched dream, BTC met the immediate needs of the community as a measure of value and means of conducting borderless transactions. It also paved the way for other altcoins and tokens that have found a niche in the greater crypto ecosystem.
What’s Happening with BTC
With the 19.15M Bitcoins of the possible 21M coins already in circulation, Bitcoin’s market cap is currently at $360B down from $897.01 one year ago. This is a change of ~ -60%. Its price has been fluctuating around the $19,000 mark, which in itself is a more than 50% drop from BTC’s highest price.
Bitcoin had a rough year, but experts still have positive predictions about its future. Despite the recent price downtrend, many experts still say Bitcoin is on its way to passing the $100,000 mark.
DOGE — the Project Potential
Just like BTC, Dogecoin is a peer-to-peer, open-source cryptocurrency launched in December 2013. It is a payment system that was created as a “joke,” making fun of the wild speculation in cryptocurrencies at the time but has since gained a following.
Dogecoin, with its iconic Shiba Inu logo — Dogecoin’s image — was given a boost when billionaire Elon Musk tweeted about it, which saw its price shoot up by a thousand times. This made Dogecoin a sensation for the following months, with millions looking to capitalize on the coin’s new-found fame.
While the fad has since settled down, Dogecoin still features prominently on the interwebs and features in many trading pairs.
What’s Happening with DOGE
The Dogecoin price has dropped so far this month after a spike in mid-August that brought it to a two month record high. DOGE has fallen in value in 2022, losing 64% since the start of 2022 and 91% since its all-time high reached in May 2021.
Crypto experts are constantly analyzing the fluctuations of Dogecoin, and the Dogecoin price is predicted to hit an average of around $0.43 in a few years time.
The table below compares Bitcoin and Dogecoin performances.
|Market cap||370 Billion||7.8 Billion|
|Total supply||19.16 Million||132.67 Billion|
|Max supply||21 Million||N/A|
|Price change (24h)||-0.43%||2.36%|
|Price change (1w)||-8.76%||1.1%|
|Block time||10 Minutes||1Minute|
Bitcoin remains the king of cryptos, and while it is going through a rough patch now, it will definitely rise to make the BTC/DOGE trade pair profitable again. You can also consider other trades like ETH to MATIC to diversify your portfolio beyond Doge and Bitcoin.