Dogecoin (DOGE) was based on a meme and started off as a joke between two engineers but the cryptocurrency has garnered support that has helped it come under the spotlight. VeChain (VET), on the other hand, was designed primarily for businesses and targets the enhancement of supply chains.
Price developments of the two cryptocurrencies
In the 24-hour timeframe, Dogecoin’s price level decreased by 0.55% while the daily trading volume decreased by 41%. Dogecoin is ranked at 14th in terms of market capitalization and the market capitalization also witnessed a decrease of 1%. The daily technical for VeChain also appears to be going downhill. The price of VETcoin saw a 1.4% decrease in the 24-hour timeframe while the trading volume dropped by 43%. With a market ranking of 21, the market capitalization of the coin also decreased by 1.82%.
The price of Dogecoin surged from around $0.002 in late December to around $0.078. After a drop, the coin continues its ascend and is operating at a price level of $0.05 at the time of writing. VeChain, on the other hand, moved from $0.017 and is establishing higher highs at the moment. VeChain stands at a price level of $0.064 at the time of writing.
Which cryptocurrency has the potential to grow?
According to the forecasts of Wallet Investor, VeChain is an outstanding long-term investment while Dogecoin is a good investment. Per the estimates of Wallet Investor, Vechain will be valued at $0.09 in one year’s time and $0.24 in five years’ time. They further predict a value of $0.06 after one year for Dogecoin and a value of $0.10 after five years.
Dogecoin is known primarily because of the efforts of the Tesla CEO – Elon Musk. Musk has been an ardent believer in the cryptocurrency and regularly tweets about the potential of the coin. Apart from Musk, leading rapper Snoop Dogg is also a supporter of the cryptocurrency among many other famous figures. The tweets of these famous figures usually cause Dogecoin to explode. Moreover, Dogecoin has also been incorporated by the cryptocurrency ATM, CoinFlip, recently.
Traders are bullish on VeChaincrypto with the suggestion of a long position. Traders are suggesting a break out of as high as $3 for the cryptocurrency. The market sentiment continues to be bullish with a majority of the technical indicators giving out a buy indication.
Both cryptocurrencies, Dogecoin (DOGE) and VeChain (VET) have been gaining popularity and appears to possess great potential for growth. Whereas Dogecoin has the support of Elon Musk and the likes, VeChain has a very serious value proposition. The scales may tip in the favor of VeChain based on future predictions while Dogecoin is at a better ranking and is more well-known thanks to the efforts of Musk.