Dogei is an emerging altcoin that began being active in the crypto market recently. From launch based on a meme, Dogei has set itself to be a both fun and functional meme token like other meme coins but with added innovation and purpose. The name and the token branding is identical to Dogecoin but Dogei has potential to offer unique services and products in highly competitive crypto sphere.
At present, DGE is at $0.053791 with relatively high volatility over the last one day to reach a high of 66.80%. Such kind of a sharp price spike is not something out of the ordinary for the more emerging altcoins particularly those in the small-capitalization indices including meme coins. Token has a circulation supply of $1,594,888 at the time of writing, and sits at #3932 in the MCC chart. However, it is still small compared to most cryptocurrencies while it proves that at least some people interested in Dogei has invested in it.
The trading activity over 24 hours for Dogei seems to be healthy and moderate as the trading volume is $62,400. The volume to market cap ratio stands at 3.91 % a good ratio for a token of its size, indicating moderate level of liquidity. This ratio can also prove helpful to traders because the values depicted in it indicate the extent to which such token can be efficiently bought and sold without necessarily causing its value to fluctuation drastically.
Yet it can be stated that a unique feature of Dogei is that it has a very important feature of a limited total emission of 420,690,000,000 tokens. This is in line with the circulating supply where all the Dogei tokens are in circulation. Additional token issuance can be considered an influence, as less supply is valuable according to certain investors and it prevents inflation. In the case of the total supply number, one also sees the inclusion of what can be considered meme culture numbers being used in internet joke routines.
Like with most other relatively new digital assets and especially those related to the meme culture, it is crucial for prospective investors to always proceed with caution and, most crucially, do due diligence. The token also, has displayed some rallying in terms of price and trade volume, however, the sustainability and application of Dogei has yet to be established. As with any investments interested parties should do their own research and be prepared for a blockbuster to be brought to market and then fade out just as quickly.
One must note that outside of the pricing and supply indicators, even the most basic data about Dogei’s technology, its developers, or particular applications are scarce and easily accessible. This is not bad news for newer and smaller cryptocurrencies, but it also means that would be investors must do more homework if they want to understand what makes Dogei different from the myriad of other tokens out there.
The name of this token as well as the Dogei branding are chosen to ride on the wave of the social media popularity of numerous dog-themed cryptocurrencies such as Dogecoin and Shiba Inu. On the plus side, this can bring attention and at least some community to the project out of the gate, but it also means that Dogei will have to prove that it is more than just the meme representation it has inherited from other similar coins.
Indeed, it becomes the problem for tokens like Dogei as the crypto market grows and develops – the problem of relevance and organic growth of the ecosystem. The flow or success in this space can be claimed through participation within the communities, application of real world usages, collaboration with other project or commercial establishments, as well as technological enhancement and creativity.
However, today Dogei is only an infantile project within the huge world of cryptocurrencies. Therefore, its future will rely on the capacity of developers and users, who initiated the project, to follow through and generate added worthage from it. Like every other crypto-asset, potential investors must enter the market with their eyes opened to the fact that the purchase of the asset itself is high risk and high reward.
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