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Dogecoin DOGE/USD started off as a joke, a “meme” cryptocurrency that took the world by storm by making fun of what it was, a cryptocurrency.
At the time of its creation, people started getting really serious about cryptocurrencies for the very first time, and it seemed like every project wanted to implement blockchain technology, so here were Billy Markus and Jackson Palmer that created something truly special.
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Over time though, the cryptocurrency grew by a lot, and while it initially started life as a tipping mechanism used on forums such as Reddit, it is now regarded as one of the best ways to send transactions.
Headline attention as a catalyst for growth
On August 15, the billionaire entrepreneur Mark Cuban claimed that dogecoin is the strongest cryptocurrency when used as a medium of exchange. He praised the community for being the strongest when it comes to using it this way.
The Tesla CEO, Elon Musk tweeted that he agreed with this statement as well.
This means that Dogecoin has the support from two truly amazing billionaire entrepreneurs, and this serves as an indication that they see cryptocurrencies in the future of transactions and support them.
On August 14, we saw an announcement that the players from the English soccer team Watford F.C. will wear Dogecoin shirts in the new Premier League season, with the sponsor being Stake.com, a crypto sports betting site.
Watford was previously sponsored by Sportsbet.io which put Bitcoin on the shirts as well. This is an indication that even soccer teams and that industry is starting to embrace the power of cryptocurrencies, and we might see it soar to new heights in terms of mainstream usage and value as a result of this.
Should you buy Dogecoin (DOGE)?
With that being said, on August 16, Dogecoin (DOGE) had a value of $0.3364.
It’s all-time high was on May 8 with a value of $0.7315. This gives us its highest value point to compare with current and recent values to get an understanding of its potential growth. This means that it’s all-time high was 117% higher than its August 16 value.
To analyze its recent progress, we’ll be looking at July.
Its lowest point was on July 20 with a value of $0.1636, while its highest point was on July 26 with a value of $0.2245. Here we can see that the token grew by 37% throughout the month.
That being said, with its recent headline attention and support by billionaire entrepreneurs Elon Musk and Mark Cuban, as well as its future implementation as a shirt on the soccer team Watford F.C., we can expect its value to grow.
With its recent, 24 hours increase in trading volume of 29% and based on its historical performance, we can expect it to go as high as $0.45414 by the end of August.
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