Dogecoin has continued to impress investors since the launch of the Dogethereum Bridge. The pattern of the coin’s trade against the dollar has generally deviated from the overall market trend and has seen its price grow moving it from a USD 280 million valuation in late August to its current USD 667 million market capitalization. Dogecoin has gained about 1.5% and 1.8% against the US dollar and Bitcoin respectively within the last 24 hours.
The Doge4Amazon petition
Doge4Amazon petition is on track to raise the 25,000 signatures it targets to have Amazon accept Dogecoin as an alternative means of payment for consumers. The petition has been signed 17,644 times as of today, September 26th. Amazon does not accept any form of cryptocurrency as a payment method at the moment. Dogecoin is banking on its fast, cheap and stable platform alongside its active community, large supply of coins and ongoing developments to help convince Amazon to accept its DOGE coin.
Dogecoin has already been accepted and is used by a large number of small businesses, charitable organizations and entrepreneurs to facilitate the buying and selling of goods and services globally. The petition looks forward to having Amazon join the Dogecoin platform and become one of the first major companies to accept DOGE as a means of payment. Bitrefill, a platform that allows users to buy vouchers, top up their phones with over 600 operators in 150 countries among others, announced a few days ago (September 21st) that its users will be enabled to make payments for FUN or entertainment vouchers using DOGE alongside several other major cryptocurrencies.
The Dogecoin has had a bull run in the month over the last month gaining more than 238% within a month. DOGE coin hit an all time high of USD 1.9 billion in market capitalization in January and the coin seems to be on track towards reaching the mark again. Another bull run of a similar magnitude before year end is likely to result in the coin surpassing its previous high.
DOGE on the Charts
Market sentiment on the DOGE coin indicates optimism both in the short term and long term. A vote initiated by an enthusiast on twitter had 70% of responders believe the coin would reach a price of USD 0.01 by October 1st. Others are convinced the coin will reach a price of USD 20 before the end of 2019. A poll by @CoinPolls also saw Dogecoin list among the top 4 cryptocurrencies expected to have the highest gains before the year ends. In addition, users have continued to call for platforms such as exodus.io to put back Dogecoin on their platform, something exodus.io seems to be considering.
Dogecoin CEO considers the DOGE a good hedge for an investor’s cryptocurrency portfolio. A major concern for most investors seeking to join the crypto industry is how to identify a project with long term prospects. It is always advisable to join and participate in online communities such as Reddit and in person meet ups to get a better picture of whether it’s actually supportive and contributing to the project or just speculative. The Dogecoin community has the reputation of being strong and supportive and participants may be rewarded with DOGE for contributions they make in the community and the platform.