Owning a digital coin is one thing and keeping it is a different story given the market volatility and emerging coins that purport to offer better value propositions. Meet Dogecoin (DOGE), a coin that has stood the test of time and soldiers on in the market like a stray dog. The hard fact is that the coin has been “deserted” by the real owner and the “neighborhood” sympathizers are nurturing it to survive.
Dogecoin has of late shed the joke coin and Bitcoin meme clone tag and begun to rattle the market movers with a lot of interest pouring in from investors. What has changed over the years is increased crypto verse awareness and cryptocurrency enthusiasts are beginning to notice the gem behind Dogecoin and its native coin DOGE.
The creator of the coin Jackson Palmer appears to have abandoned the coin and moved on to other projects in a different niche altogether. The community has however taken over and the vision of the network has not been scathed by upcoming crypto projects. So, what keeps Dogecoin and its community thriving?
Why the Dogecoin (DOGE) Resilience in the Market
By architecture, Dogecoin follows the Bitcoin fundamentals; it is mineable coin whose supply is capped. The coin is not pre-minted but an inflammatory coin whose supply grows by a paltry 5% annually. This structure encourages usage that in turn builds a unique economy around its community. This way, demand is created which cushions high levels of volatility.
By hoarding DOGE by the community, the coin has been spared from crypto crashes and always emerges from market slumps stronger. Due to lack of increased supply, it becomes hard for the coin valuation to diminish. To maintain their thriving economy, the community does not work alone but has reached out to enable increased sped-ability of DOGE.
Real world Use for Dogecoin (DOGE) on BitRefill Platform
BitRefill has created a unique avenue where DOGE holders can spend their coin by purchasing gift cards from Amazon. This has exposed DOGE to other digital assets including BTC, LTC, ETH and Dash. The firm currently operates in the US and Germany and are in the process of increasing their crypto portfolio by adding more spendable coins.
Dogecoin is in the process of developing a marketplace that will see it enter the gaming industry through DogeRacer. This will come with trading feature and DOGE will be the coin fueling the gaming economy. The game is still in the beta phase and once released, it will draw more attention and adoption to the platform.
Dogecoin Price stability in the Middle of a Bleeding Market
It comes as a surprise when other Altcoins like TRON are all over the news and the price continues to struggle. Dogecoin might be lowly priced but it has been steady for the last two month with slight dips as a ripple effect from big market players. With virtually no new developments on the platform since March, one would have expected the coin to have disappeared into oblivion.
Surprising, the DOGE coin is trading on the green at a time when the market is on a free fall. At press time, the DOGE coin the price stood at $0.002392 after marginally appreciating against the green buck by 4.40% and 1.86% to Bitcoin. The appreciation is a true reflection of a coin that is not manipulated by hype or serious mentions in the media.
With a little technical push and support from major exchanges in the crypto verse, Dogecoin can easily unleash its hidden gem potential and give Bitcoin a fair challenge in terms of value and usability. Ranked 32 by market cap, the joke coin is in the list of the most undervalued in the top 50 coins.