Dogecoin has come a long way from being a joke cryptocurrency to one of the most sought-after altcoins in the burgeoning sector. Created by software engineers Jackson Palmer and Billy Markus, it’s risen the realms to become one of the largest, with more than a $20 billion market cap.
Its spectacular rise has everything to do with the growing need to gain exposure to high volatile altcoins that trade merely on speculation. Relentless promotion from Tesla CEO Elon Musk, among other high-profile personalities, has only propelled the meme coin to new heights in the flooded sector.
Dogecoin is one of the most traded cryptocurrencies because of the unique opportunities it gives rise to. The wild price swings that come into play daily present opportunities for those traders to look to profit from price changes.
As rhetoric from Musk and other high-profile personalities increases, Dogecoin’s price continues to move up and down, making it easy for traders to open short and long positions to try and profit from the underlying volatility.
Given the volatility involved, miners and traders use calculators to try and gauge the amount of profit they are likely to make on mining and trading the meme coin.
Dogecoin mining calculator: Coinwarz
Most dogecoin mining calculators are designed to make it easy to gauge the profits one is likely to make while mining the meme coin. The profits, in this case, are calculated upon adjusting the mining hash rate value. The gains also depend on the mining hardware devices used.
The Coinwarz calculator is one of the best in the business as it makes it easy to see the amount of profit one is likely to make based on the underlying hash rate used to mine Dogecoin. It also analyzes profits based on power consumption used to mine the meme coin while also considering other costs.
The Coinwarz calculator can calculate the mining profits one will likely generate on a successful campaign with this information perfectly integrated. Therefore, it can provide valuable and strategic insight for making informed mining decisions.
The best calculator for buying Doge: Paybis
While Dogecoin trades for pennies in the market, it can be extremely difficult to know the exact amount of money required to purchase a given amount of Dogecoin. However, Paybis has simplified the entire process with a one-of-a-kind calculator.
Paybis calculator is designed to estimate the latest price one is likely to pay depending on the amount of Dogecoin they wish to buy. With the calculator, you have to enter the amount of DOGE you wish to purchase on the right-hand side. In addition, you must select your local currency, and the calculator will provide the amount of money required to buy the designated Dogecoin.
The calculator is well suited for people who would like an accurate estimation of the amount of money they will have to pay to acquire a given amount of DOGE. The calculator stands out as it provides accurate prices while factoring in the extreme volatility in the cryptocurrency market.
In addition, it is an important tool for people who would like to compare various exchange rates before making an investment decision. It provides the current market rate depending on how much money one wishes to purchase DOGE.
Dogecoin (DOGE) profit calculator: Cryptoground
It is a customized calculator designed to find the amount of profit one would have made on investing in Dogecoin in the past. Conversely, it is an important tool for ascertaining return on investment on the cryptocurrency investment.
The calculator leverages a simple mathematical principle to tabulate ROI. It relies on historical dogecoin prices from a vast database and compares them with the current DOGE price. It’s from the comparison of the two prices that it can calculate the profit and loss made.
The Dogecoin profit calculator calculates the amount of DOGE one would have gotten on investing a given amount of money in the past. It then calculates the current price of that amount. The return on investment would simply be the amount of money invested at present divided by the amount invested in the past.
Dogecoin calculator for profit and loss: RebateKingFX
RebateKingFX stands out as one of the best calculators for tabulating profit and losses while trading cryptocurrencies and indices, metals, and forex. It calculates precise profits a trader is likely to earn from trading positions.
While trading cryptocurrencies, the trade size is crucial as it affects the profits one is likely to make. If it is too small, then the likelihood of generating significant gains on a trade panning out well is low. Similarly, if it is too big, the possibility of incurring huge losses is high if things go wrong.
The RebateKingFX calculator calculates the accurate amount of profit one is likely to generate based on the position sizes. It also calculates the amount of money a trading position represents as well as the amount of money added or subtracted from the equity.
While using the calculator, simply select Doge and pair it with a major currency such as the US dollar. Then choose the amount of money you wish to invest in the US dollar or any other currency supported. Next, select the position you would like to take on the DOGEUSD pair, buy or sell.
Enter the lot size with the standard lot in forex being 100,000. In the open price, input the opening price of the position you would like to enter on DOGEUSD and enter the close price. The calculator will calculate the amount of profit; the open position is likely to yield once closed.
While selecting a calculator to tabulate profits while mining or trading Dogecoin, it is important to settle on one that uses live market rates. The calculator should also show with precision the amount of profit on Dogecoin based on trading volumes and prices. It should also come with a user-friendly interface and intuitive design for easy navigation.