Dogecoin (DOGE), also called as the meme coin started as a fun coin in cryptocurrency, the Shiba Inu is a Japanese breed of dog that was popularized as an online meme and represents Dogecoin. Dogecoin recently outpaced the privacy coin Zcash (ZEC) in coin market ranking despite the market has seen a huge fall.
Over the past 24 hours, Dogecoin has seen a rise in its price nearly upto 5%, it currently stands on 20th spot in coin market list with a market capitalization of $704,649,848 USD, almost $129,984,215 USD more than the market cap of Zcash (ZEC), which stands at the market cap of $574,665,633 USD (at the time of writing). Dogecoin (DOGE) has surged up to 6% and is back to a price of $0.006 in last 24 hours.
No one would have thought that dogecoin would be in this position today, not even the owners of DOGE. But know the perception of being a joke coin is changing, who would have thought that a coin which was oscillating between the 32nd and the 34th position a month ago would be in top 20 coins. Dogecoin (DOGE) has held its price pretty much after such a heavy dip in the market. Dogecoin with such a swift rise, its chances have increased to hit the top 10 mark.
Reasons why Dogecoin (DOGE) has been such a success!
The pair of Dogecoin (DOGE) and Ethereum (ETH) has been a success, especially for dogecoin. This link between these coins has increased the scalability of both crypto projects. However, the meme coin is the one to have more benefit from the Dogethereum project given an increased scope of its operations. Ideally, Ethereum is flexible with both tokens and bridge tokens coded as smart contracts for specific purposes.
Dogethereum project has been ideal step against the wider adaptation of Dogecoin, which already has similarly high applicability compared to other altcoins, as DOGE is light, fast and low cost and has been used by many investors for small payments and especially tips and donations all over the Internet. These are the aspects of the meme coin which makes it replaceable over fiat currencies. This aspect is compelling the investors into dogecoin, and the value of DOGE continues to accelerate, we will soon see dogecoin in top coins.
On the launch day (5th Sep) of Dogethereum, ethereum was trading at $284 and saw a sudden dip its price to $218. During the same time dogecoin was also effected from the market dip, the meme coin fell from $0.005 to $0.0048. However, on the same day DOGE raised up to $0.005263. So this shows that the Doge-Ethereum Bridge launch has been successful.
Dogecoin is one of the most practical and adaptable cryptocurrencies in the market today, investors have started to realize this thing. After last month’s altcoins annihilation, various ICO programs have been disclosed for their greater risk of collapse. Investors have started to understand that DOGE is one of the best replacements of any other altcoin in the market.
Looking into future of Dogecoin (DOGE)
Dogecoin is currently petitioning to be added to major coin exchanges and integrated with Amazon as a future payments solution. Dogecoin is hoping Amazon to accept it, let’s see how this deal unfolds. As the market is also settling down and dogecoin has been the top high light in the past whole month. It is for sure one of the favorite currencies for the investors. looking forward to the future of DOGE, in coming days it will reach the height of sky’s. Will the meme coin move to the top 10 spot? We will have to wait and watch, what dogecoin has to offer in the next coming days.