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Dogecoin Price: Another Uptrend Seems Imminent as Community Remains Optimistic

The cryptocurrency world would not be the same without Dogecoin. Albeit a lot of people still don’t take this altcoin seriously, it is still an interesting concept regardless. While the Dogecoin price may not look too hot at the moment, it would appear there is a reversal on the horizon. The community is not showing any signs of concern as of yet, which is rather telling.

Dogecoin Price Remains Rather Flat

After last week’s massive gains and a similar trend earlier this week, the Dogecoin price has gone rather flat over the past few days. This is primarily caused by some small declines, effectively creating what seems to be a bottom near the $0.006 mark. This is still a relatively high value for Dogecoin, especially when considering there are 116bn tokens in circulation as of right now.

Due to another small 0.98% decline, the Dogecoin price still remains unappealing to most speculators as of right now. That is not surprising, as the chart was a lot more fun to watch with 20% increases every single day. Such a major uptrend can never be sustained indefinitely, and it is evident the Dogecoin price is going through its minor correction as of right now. Nothing to be overly concerned about just yet.

Some interesting Dogecoin-related developments have taken place over the past few days. First of all, there is a new exchange which claims to provide Dogecoin trading, as well as offer support for other cryptocurrencies. This is an untested and unverified exchange, thus users need to conduct their due diligence prior to entrusting this platform with their money. Even so. more exposure to Dogecoin can only attract new users in the future.

Another interesting statistic is provided by a Twitter user. He claims the Dogecoin community has successfully contributed over $135,000 to help people and organizations all over the world. It is certainly true the Dogecoin community is one of the most generous communities in cryptocurrency. It is very likely the total tally is much higher than just this figure, though, but it still shows people are genuinely passionate about DOGE.

Last but not least, there is no shortage of Dogecoin-related memes. It has been a while since a good one made the rounds, although the one shared by SpaceDog shows things are still going strong in this regard. A sandwich man-esque board with a Dogecoin logo and associated QR code will certainly attract a lot of attention and some chuckles along the way.

For the time being, it seems there will be no improvements in the Dogecoin price department over the coming hours. Achieving a status quo would be a positive step in the right direction, although overcoming the current 0.98% deficit may prove challenging. With just $16.9m in 24-hour volume, there simply isn’t sufficient demand for Dogecoin at this time. An unfortunate trend, but there is a good chance things will turn around eventually.

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Bitcoin Cash Price Gets Skewed due to Exchange Trickery

A lot of confusing action is taking place where the Bitcoin Cash price is concerned. Although its actual decline in value is quite obvious for everyone to see, the real price of BCH is not necessarily what people can see on Coinmarketcap. This is primarily because numerous exchanges treat BCHABC as Bitcoin Cash already despite nothing being decided in terms of which chain will be the longest. Bitcoin Cash Value Fluctuates Heavily Depending on where traders look at, the price of Bitcoin Cash will be either close to the $400 level or down to $250-ish. That is quite a large gap between prices, yet one that is also very easy to explain. Bitcoin Cash, as people knew it before the fork, no longer exists. Most professional exchanges have also retired this price ticker, for the time being. As the hash war rages on, there are still a lot of unknown factors waiting to be addressed. Despite this ongoing kerfuffle, there is a net 5.76% decrease in the Bitcoin Cash price, and a 5.4% decline over Bitcoin. More specifically, that is what CoinMarketCap reports at this time, although this is not necessarily the case whatsoever. In fact, some exchanges are clearly jumping the gun by labeling BCHABC as BCH and thus dragging the Bitcoin Cash price down a bit more. Exchanges currently engaging in this activity include Bittrex and Coinex, neither of which plays a big role of importance when it comes to trading. However, based on the current value of BCH on Bitfinex and Gate.io, it seems a similar incident is taking place. One also has to keep in mind Bitcoin Cash was getting battered ahead of the network split as well. Most exchanges have halted trading of BCH indefinitely, primarily because the currency no longer exists. It is evident either BCHABC or BCHSV will take over that name in the future, but nothing has been decided at this point. As such, any trading referring to just “Bitcoin Cash” or “BCH” should be avoided, as most users can never be sure which currency is effectively being traded under this name. All of this skews the picture pertaining to Bitcoin Cash altogether. Coinmarketcap reports there is still $392m in trading volume for BCH, even though that is virtually impossible right now. With so many exchanges freezing deposits and withdrawals, it is evident actual BCH trading is no longer possible whatsoever. Virtually all platforms have deposits of BCHSV and BCHABC frozen as well, which only makes this market trend more confusing. It is safe to say the entire network split has been a bit of a mess first and foremost. In the case of Bitcoin Cash itself, that name will – under the current circumstances- not be used across exchanges for much longer. Instead, the two separate camps need to be treated as such first and foremost. Until things settle down – with might not necessarily happen anytime soon – the Bitcoin Cash price itself is pretty much irrelevant for most traders and speculators. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post Bitcoin Cash Price Gets Skewed due to Exchange Trickery appeared first on NullTX.

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