Dogecoin (DOGE) has become a favorite cryptocurrency to many coin market participants after the altcoin rallied by over 120% in the past 30 days. It has been a couple of months since a project within the crypto space gained that much hence the attention on Dogecoin lately. The Dogecoin infrastructure copies that of Bitcoin, some call it a BTC ‘clone’.
Looking back, this year has been very eventful within the blockchain and crypto arena. A good number of projects were launched and others have made fundamental progress using the funds raised during ICOs. However, the fate of the majority has been a downtrend and some have not survived the uncertain crypto market. Dogecoin stands amongst the top gainers of 2018 with the altcoin at position 20 in market cap today.
The Dogecoin success is attributed to a couple factors although the most popular at the moment is ‘Dogethereum Bridge’ release. What most crypto enthusiasts do not know is investments the Dogecoin team committed to marketing its brand over time. Today, the coin is no longer a ‘joke coin’ but is making other altcoins seem like a joke. Dogecoin’s sponsorship to well-recognized events like the winter Olympics and NASCAR teams has made the crypto coin popular; it is used for tipping within the internet!
DOGE Prospects Getting Brighter
It is not every day a crypto coin will receive the attention of researchers and analysts in depth. Well, DOGE has managed to defy the odds since it began to rally. Kevin Rooke, a crypto researcher based in Canada did an analytical research on the Dogecoin project and tweeted this on his handle later,
Dogecoin may have started as a joke, but their community is now the envy of the crypto world
According to Rooke, 2017 was a bit challenging for DOGE having acquired its ‘joke’ reputation in an upcoming market. Interestingly, a year later the DOGE crypto coin is making all digital assets seem hopeless. DOGE has gained a market demand from the growing tipping industry within the internet platforms looking forward to reward content in the blockchain era!
Furthermore, the stats show DOGE is being transacted way more than popular altcoins like Bitcoin Cash and Litecoin, both top 10 in market cap. Basically, Dogecoin’s network is not a new comer to large volumes of digital assets exchanging within its blockchain network. While other cryptocurrencies are struggling to acquire users, DOGE enjoys around 93,000 active users according to the no. of active addresses in the past 24 hours. This is way more than what its peer coins; LTC, BCH and DASH currently hold.
DOGE Performance Summary
Dogecoin’s is not only bullish on the price action but its fundamental value too. The project’s adoption rate is on an all-time high even as big players like Ethereum slide by scary margins. In terms of market comparison, Dogecoin has performed way better than the crypto market index. While the market remained bearish for the better part of August, Dogecoin gained 159% in its price to trade at $0.0063 right now. Dogecoin’s volatility has however been at a high of 70%, a figure that is almost double what its peer coins have recorded. At the moment, Dogecoin is on the green zone having gained 1.01% in the past 24 hours while 80% of the top 10 altcoins are on a downtrend according to coinmarketcap.