Home / Crypto Currency / Dogecoin Price Watch: Currency Outperforming Most Other Altcoins

Dogecoin Price Watch: Currency Outperforming Most Other Altcoins

At press time, Dogecoin – the currency that started out as a joke and uses a cute little Shiba Inu as its mascot – is trading for about $0.0024. This is about $0.0012 less than where it stood just a few days ago, and the currency is moving down the financial ladder.

Still, the currency is doing much stronger than most other altcoins. Roughly 111 billion coins are in circulation, while Dogecoin’s daily trading volume exceeds $21 million.

DOGEUSD: HOLD THE LINE LONG DOGEUSDDOGEUSD: HOLD THE LINE LONG DOGEUSD

Everything seems to have changed in August, when it was revealed that developers were working on what they called Dogethereum, a combo platform designed to fuse Dogecoin with Ethereum’s smart contract capabilities. Basically, users will be able to exchange Dogecoin for Ethereum tokens and vice versa on digital currency exchanges once the application is up and running.

Overall, Dogecoin was one of the crypto space’s best performing currencies last month. While entities like Ethereum and bitcoin were deep in the red, Dogecoin was busily adding to its reputation and value – so much so that research firm On Chain FX stated that the currency had jumped by roughly 160 percent between the beginning and end of August, with the bulk happening during the month’s final week.

Between August 29 and September 1 alone, the currency jumped up by approximately 150 percent, from $0.0026 to $0.0065, and Dogecoin’s valuation went from a whopping $300 billion to an even more impressive $763 billion. Presently, the currency’s total valuation is about $739 billion.

While Dogethereum has a lot to do with the currency’s newfound popularity, there are other elements contributing to its success as well. For example, Dogecoin was recently added to the trading app Robinhood – a stock trading platform designed for millennials and younger generations.

Jackson Palmer – the Australian entrepreneur widely accredited for bringing Dogecoin to life – also believes plain old speculation may have had something to do with the currency’s rise to fame. In a recent Motherboard post, Palmer explains:

“Dogecoin’s valuation is the result of market mania that has resulted in inexperienced investors buying up low-priced assets on a whim hoping that they will follow bitcoin’s meteoric trajectory.”

What’s interesting is that despite its success, Dogecoin doesn’t seem to share the ambitions of most other altcoins. While other digital monies have sought to disrupt the financial system and bring about monetary revolution, Dogecoin has seemingly taken a back seat. It possesses no whitepaper, and the website for the coin jokes that it’s the preferred currency of Shiba Inus – the dog breed that currently serves as its mascot.

However, it appears that while its executives aren’t serious about the currency’s growth, newfound investors certainly are.

Dogecoin Charts by TradingView

Read more

Check Also

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.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.