After a week of increased transactions, the Dogecoin (DOGE) price appears to be shedding of the momentum to trade in the red zone while majority of other coins are on the gaining territories. September 5 marked a huge milestone for the previously not-so-serious coin after launching the much anticipated bridge to Ethereum and possibly to the entire crypto verse.
The Dogetheruem project has pushed the coin price, popularity and visibility to a new high and the new features could be the push the coin has been missing. News about the link between the two blockchains has changed the coin perception in the eyes of the investors and the increased activity around the coin has exposed its unexploited potential.
Dogecoin (DOGE) Market Defiance
The last two weeks have seen DOGE defy the market trends to shine over the other altcoins. As the market was fighting the bears, DOGE appeared to be the best choice for the dollar pair. A streak of double digit trading has seen the coin hit the top twenty ranks and still threatening to edge up.
The resting of the Ethereum-Dogecoin link is still on and this could usher in a new bull run for the coin ad we head towards the festive season the run up to the annual Christmas holidays. As much as the early January crypto hype might not be repeated, the Dogecoin community anticipates an improved platform, increased adoption and better value for their DOGE.
Market Sell-Off Benefiting Dogecoin
Since August the market has been experiencing a major sell-off and the Dogethereum matrix appears to be wooing investors to the coin. For the digital asset, the timing is just right and the hype comes at time when traders are looking for the best exit route and DOGE coin has become the soft landing pad.
DOGE passed the important $0.006 mark a few days ago and investors have seen the value in the coin and anticipate the price to edge up to $0.008. The listing of DOGE on Robinhood during the cryptocurrency economic hard time has also had a positive impact on the coin; the trading platform attracts no trading fee and has turned out as Dogecoin’s hot spot.
Dogecoin (DOGE) Value Appreciation; Change of Investor Perception
When most coins were shedding their gains, DOGE managed over 22% value growth. The coin performance saw it almost hit a high of$0.007 earlier this week and this came as a surprise when other coins are depressed will reported losses of up to 90%.
Once the Dogethereum Bridge goes live, Dogecoin will be the biggest beneficiary. Its inroads into the tipping and gifting demand function will increase and the Bridge will also give it additional exposure. As a tipping coin in the ever growing Telegram social network channel, the coin is soon taking the world by storm. Here is a fan way of describing the current DOGE transformation:
2017: Dogecoin is joke
2018: Dogecoin is making your cryptocurrency look like a joke
Dogecoin 24hr tx volume is:
3x of BCH
8x of LTC
13x of DASH
35x of DCR
41x of BTG
Dogecoin may have started as a joke, but the community is now the envy of the crypto world.
-Kevin Rook (@kerooke) September 10, 2018
Dogecoin (DOGE) Market Performance
As the market begins to recover, the DOGE price appears to be taking a dip that has seen the coin drop 2.20% in the last 24-hour trading period to quote at $ 0.006400. The peculiar drop might usher a short term dry spell for DOGE before getting back on its winning ways.
The rise from $0.002 to today’s $0.006 might have been occasioned by the Bridge hype and the anticipated inclusion on Amazon official payments coins of DOGE. Market enthusiasts are still skeptical whether the coin price will hold and Dogecoin maintains its value position in the market.