Why has Dogecoin (DOGE) experienced an astonishing 124% increase since August 30th to a current price of $0.0054 USD.
With a few crypto coins rallying significantly in the past days, Dogecoin (DOGE) has not fell short of this list. The famous ‘Doge’ meme related altcoin is currently on a strong bullish trend with its price skyrocketing by over 100% in the past week. This has excited DOGE HODLers whom have been expecting fundamental progress from the project since the beginning of 2018.
The DOGE crypto coin gained from its low of $0.0025 where it seemed to have established a support level for a while to $0.0054 right now. This clearly explains the why crypto analysts have been highly optimistic with the coin’s prospects in the past few days. A couple of fundamental factors like the Yahoo Finance, Poloniex listing and the much awaited ‘Dogethereum’ release appear to be pushing the price up significantly.
A month ago, DOGE managed to scale its price above the $0.003 mark but did not last long owing to the crypto bloodbath in mid-August. This resulted to a price reduction which saw DOGE range just below $0.003 until the recent turn around during the last week of August.
The coin found relief when its price broke its $0.003 resistance mark merely two days to the end of August. Market bulls continued pushing the DOGE price which finally hit the $0.04 mark on the 31st August 2018. Today, the altcoin has already surpassed $0.05 with statistics showing a 42% increase within 24 hours. Its market capitalization has since improved significantly to $627 million placing it 21st out of the digital coins in several crypto markets as of press date.
1. DOGE on Yahoo Finance
Yahoo Finance is gradually positioning itself for the new ‘Blockchain & Crypto era’; the platform is now able to facilitate cryptocurrency trading according to an announcement. However, this is still limited to the big boys in crypto apart from Dogecoin which finds itself amongst the four listed coins as of now.
Initially, Yahoo Finance began by offering information on crypto coins via its platform. However, this crypto tracking initiative is now on a new level following the scaling to a trading platform for digital coins.
As it stands, one trade Ethereum, Litecoin, Bitcoin & Dogecoin on the Yahoo Finance platform. This can easily be done through the iOS app which gives the option of buying and selling the listed altcoins. All that is required is to link your account with TradeIt for service integration to complete the ecosystem in terms of liquidity. DOGE has been making significant milestones since it was listed by Robinhood back in Q2.
2. Poloniex DOGE/USDT Trading Pair
Dogecoin is set to be listed on the Poloniex coin exchange with a USDT pair according to an announcement made on the 31st of August 2018,
“While we continue to focus on improving the performance of Poloniex and bringing a curated set of assets to the exchange, we also attempt to implement the top requests of our customers and project developers where possible. In this spirit, we are enabling a new set of USDT trading pairs for some of our currently-listed assets, beginning with 0x (ZRX), Lisk (LSK), Dogecoin (DOGE), Golem (GNT), and Siacoin (SIA).”
This news is expected to boost Dogecoin’s liquidity as well as its price given the prospects it brings along. In addition, crypto coins have proven to thrive better once adopted by more markets through coin exchange listings.
3. Dogethereum Bridge
Dogecoin is set to launch one of its biggest milestone demo ‘Dogethereum’ in the next four days. The DOGE community is eagerly waiting for the September 5th release which is expected to change the project’s future. With the new liquidity link to ERC20 based tokens, Dogecoin will use the bridge as a competitive advantage within the crypto market.
Both, Ethereum and Dogecoin are probable beneficiaries of this development given the scaling it brings to interested crypto users. DOGE might also become more stable going forward due to its access to liquidity via the ‘Dogethereum Bridge’, a factor that will ensure the liquidity demands of DOGE users are met easily and in time!