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A New Cryptocurrency Becoming Trendy:
Dogecoin's Dramatic Rise

A new cryptocurrency is out and it's creating excitement and thirst for profits.

Dogecoin has only been launched on December 8th, 2013 and more than 40 % of the first phase qunatity have been mined out by February 1st, 2014.

So, What's This New Dogecoin?

It started out as a joke launched by 26 year-old Australian Jackson Palmer last December, but has rapidly become the World's 4th biggest cryptocurrency in terms of market capitalization.

Approximately 100 billion will be mined by the end of 2014 and 5.2 billion new coins will be added to this amount per year. Of course, this means inflation.

Jackson Palmer expects Dogecoin to become a "tipping currency", one used mainly for online purposes, while Bitcoin will continue to be used in major transactions.

The coin features a Japanese Shiba Inu dog's photo - which is actually a popular internet meme picture.

Due to marketing efforts and humor, the coin is gaining popularity rapidly.


Dogecoin with the Shiba Inu on it

Dogecoin's Evolution and Potential

24 hours after its December 18th launch, Dogecoin jumped from 0.00026 $ to 0.00095 $, which was a 300 % increase.

On December 22nd, Dogecoin suffered its first major crash, which trimmed its value by 80 %. This happened mainly due to the large mining pools and intense mining.

By January 2014, Dogecoin's trading volume has surpassed that of all crypto-currencies combined (including Bitcoin and Litecoin).

As of February 1st 2014, Dogecoin has the 4th biggest market capitalization (over 60 million USD), right after Bitcoin, Litecoin and Peercoin.

On February 1st 2014, there were over 40.7 billion Dogecoins already and the number of transactions in the last 24 hours was roughly double Bitcoin's and about 11 times that of Litecoin.

According to the site BitInfoCharts, as of February 2014 - there were 438 addresses worth at least 10,000 USD and 7,114 with coins worth more than 1,000 USD.

The price of a Dogecoin today was around 0.0015 USD.

The coin having seen a drammatic 5.76-fold increase from the initial 0.00026 $ to today's 0.0015 $, there are reasons to believe it will increase even more in the future. It's still in the early phases of its lifetime.
And there's more: as Dogecoin's mining process gets harder and harder, the coins get scarcer and scarcer, but if demand continues to grow, then the price per coin will grow as well.

How high can this cryptocurrency rise?

No-one can tell us for sure, but some are hoping it will reach the 0.01 $ (1 cent) level at least. That would be less than 10 times today's price.
More optimistic is the 1 $ value. In order for it to reach that high, it would have to increase 666.7 times.

How to Buy Dogecoins?

Doge coin's symbol on exchanges is the 4-letter "DOGE".

The currency can be traded on multiple exchanges, among which: Cryptsy, Vircurex, Bter, Vault of Satoshi, AltQuick.

You can buy the coin with either other cryptocurrencies or, with US dollars or other fiat currency.

You can also buy Dogecoins through eBay, of course. This being one of the easiest way to buy - for beginners.

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