DOGE increased 76,000% from its all-time low, is it a good buy in July?

By:
on Jul 18, 2022
  • Dogecoin is one of the largest meme coins initially created as a joke.
  • The cryptocurrency has grown 76,000% since its all-time low point of value.
  • DOGE increased by 2% in the last 24 hours, and its trading volume has spiked by 15%.

Dogecoin (DOGE/USD) is one of the most popular meme-themed cryptocurrencies out there, created as a joke from the famous “doge” meme, which featured a Shiba Inu dog on the logo.

This is an open-source project developed by Billy Markus and Jackson Palmer and would, over time, evolve into one of the largest cryptocurrencies, consistently pushing into the top 10 list of cryptocurrencies based on its market capitalization.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

The 14-month high daily transaction surge as a catalyst for growth

The DOGE-backed Aliens basketball team snapped up mid-season awards.

As such, Dogecoin became a part of the Big3 basketball league, as Bill Lee, who is the founding chairman of MyDoge, which is a self-custody Dogecoin wallet, bought all 25 fire-tier editions of Aliens, which is a team in the Big3. 

On July 16, 2022, Dogecoin made a post on Twitter where the project announced that two members of MyDoge sponsored Big3 team Aliens won mid-season awards.

Furthermore, on July 17, Dogecoin Developers announced an update regarding the Dogecoin Core Release 1.14.6, which aims to include important security updates and changes to network efficiency. 

Based on data from BitinfoCharts, the number of daily transactions of Dogecoin (DOGE) has increased by over 75,000 within the span of the last 24 hours.

All of this showcases a genuine interest in the Dogecoin cryptocurrency.

Should you buy Dogecoin (DOGE)?

On July 18, 2022, Dogecoin (DOGE) had a value of $0.0662.

To get a better perspective as to what kind of value point this is for the DOGE crypto, we will go over its all-time low point of value, the all-time high point of value, and its performance throughout the previous month. 

The all-time low of Dogecoin occurred on May 6, 2015, when the cryptocurrency was worth $0.00008690. Here we can see that DOGE increased by $0.0661131 or by 76,000%.

The all-time high of Dogecoin occurred on May 8, 2021, when the cryptocurrency reached $0.731578. We can see that DOGE was trading $0.665378 higher in value or by 1005%.

When we go over the performance of Dogecoin (DOGE) throughout the previous month,  we can see that DOGE’s highest point of value was on June 1 at $0.08795.

Its lowest point was on June 18 at a value of $0.04985. Here we can see that the cryptocurrency decreased in value by $0.0381 or by 43%.

From June 18 to July 18, the cryptocurrency has increased in value by $0.01635 or by 32%.

With this in mind, we can expect Dogecoin (DOGE) to reach $0.1 by the end of July 2022, making it a solid token to get.

Where to buy right now

To invest simply and easily, users need a low-fee broker with a track record of reliability. The following brokers are highly rated, recognised worldwide, and safe to use:

  1. Etoro, trusted by over 13m users worldwide. Register here >
  2. Capital.com, simple, easy to use and regulated. Register here >

*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.