Dogecoin (DOGE) has surprised many in the last couple of weeks. It has gained by more than 100%, while most other cryptos are slowly bleeding into oblivion. Today, its gains saw it test 17th position on market cap, before settling back to the 20th position. The rise of Dogecoin while surprising, marks the maturity of the crypto markets. It reflects maturity in the sense that investors are no longer buying into random projects, but are going big in projects that have real value. Simply put, the wild speculation in crypto that was driven by nothing but the greater fool theory is ending, and only projects that have tangible usage are rising.
Dogecoin (DOGE) is one of the projects that actually add value in society. There is a huge demand for efficient money transfer over the internet. For instance, most people do their shopping on the internet and most of the methods available today are expensive. They are also prone to security risks, such as identity theft that have become common place in online payments. Dogecoin pretty much solves this problem because it is fast, instant and secure. DOGE is one of the few cryptos that you can use for everyday conveniences like buying coffee, and do so seamless and instantaneously. Its intrinsic value is slowly revealing itself in its continued price surge in the market, even as the whole market continues to trend downwards.
But this is not just a Dogecoin (DOGE) affair. Several other cryptocurrencies with good fundamentals are holding strong. One such crypto is Stellar (XLM). Stellar (XLM) is emerging as the crypto that will drive the tokenization of real world assets, including the stock markets. Through its partnership with IBM, Stellar also stands to compete effectively in the cross-border payments market. Its strong fundamentals and practical use cases are slowly reflecting in its value.
Though it has lost a slightly, Stellar (XLM) has held a good chunk of its value for the last couple of months. In the last few days, when most altcoins have broken below key support levels, Stellar has held steady at around $0.19 and $0.23. That’s an indicator that buyers are strong in this market, even though the bearish sentiment in the whole market is putting downward pressure on its price.
IOTA (MIOTA) is another crypto that points to the changing dynamics of the crypto market. After the drop below $0.90 that was pushed by supposed disagreements between members of the IOTA team, there unity announcement saw its price stabilize at around $0.53 – $0.60. This is in spite of the fact that the entire market has been dropping hard for the last few days.
These changing dynamics in the market are reflection of maturity. Soon all the hype projects will die off, and the money will consolidate into strong projects. That’s when the real value of this market will be realized.