The last few days have seen the Dogecoin (DOGE) brand name all over the crypto verse news headlines and the coin price appears to be ebbing away just like the hype. This is a typical scenario in the blockchain industry but it is not yet time to write off the coin full of surprises.
The reality on the ground has just sunk and the better part of the ecosystem development is yet to come. The Dogecoin followers had just gotten the Ethereum compatibility all wrong! The project is just in the demo stage and soon, theDogethereum Bridge will be launched and that will be the time to celebrate. In a tweet dated September 1, the team behind Dogecoin appears to warm the community that they are celebrating at the wrong time:
Wow did I pick the wrong time to go AFK! Amazing to see the enthusiasm over the last few days, but please remember the Doge/Ethereum demo is… y’know, a demo. I’ve seen a few places call it a launch and I don’t want people disappointed it’s not ready for general use yet – Ross
9:34 PM – 1 Sep 2018
This is seen as the reason the price tempo has eased off waiting for the actual Dogethereum launch.
Doge and Ethereum Dogethereum Project
With the Dogethereum project plans still underway, crypto enthusiasts have changes the perception of Dogecoin and the meme tag is evolving into a formidable force in the payments sector. The coin has always been frowned upon but it has generated a lot of interest during the transition period from joke to a real world use case digital asset.
This is a smart contract based token swap between the two blockchains and there is a lot of anticipation with critics arguing that the project might not takeoff. However, the DOGE addicts cannot wait to see the arrangement becomes a success story.
The Dogethereum project has generated enough publicity that the coin is more visible in the market than one month ago. The project seeks to makes the two platforms compatible and DOGE has more to gain that ETH in terms of visibility and adoption. The coin offers an easy entry point to the crypto verse compared to its counterpart in terms of price.
Bad and Good Side of Dogecoin (DOGE)
Before coming into the spotlight, Dogecoin has remained undervalued and a spike in its usability will mean increased value. The only problem that will limit the coin from getting to the top 10 valuable coins soon is its unlimited supply. DOGE is infinite in nature and with unlimited supply, the coin will be mined forever and this will keep its value down for longer.
On the brighter side, DOGE is a transaction based coin and leads among the most mineable coins in the crypto industry so far. Its transaction capabilities have seen it beat the likes of Bitcoin Cash and Litecoin activity wise. If the coin supply was capped, the sky could be the limit.
Is Dogecoin (DOGE) Price Traction FOMO Driven?
With the clarification that the Dogethereum project is still a demo, many investors are keeping their fingers crossed waiting for the launch to stake on the coin. This explains the reason why the price pump was not a Fear of Missing Out (FoMO) market reaction. Investors nowadays are looking at the real world use cases and not the short term price movement.
The last few days have seen the DOGE price head back to the red trading zone and this has left the community in suspense waiting for Dogethereum Bridge to go live. However, the marginal drop has seen the coin start the day down by 0.56% to trade at $0.005221.
Hopes are also high that the Dogecoin (DOGE)ecosystem will acquire a proprietary wallet to makes its dreams of micropayment and tipping a reality. This will also acts as a switch point for the coins’ compatibility with ETH. As everyone waits for the bi day, the coin price still remains the center of focus.