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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.

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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

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In spite of a multi-month tumultuous market, institutions continue to clamor for the implementation of innovative systems and solutions that are based on blockchain technologies. 15 Firms Enter A ConsenSys-backed Blockchain Initiative On Wednesday morning, a media embargo on one of the most notable blockchain-related developments of this year was finally dropped. As per a short, but sweet four-page document, entitled “Industry Players and Banks Join Forces to Launch Blockchain Platform to Transform Commodities Trade Finance,” 15 of the “world’s largest institutions,” along with blockchain startup ConsenSys, have joined hands to make a collaborative foray into the enterprise-level blockchain platform space via a new firm called komgo SA. Although many questioned the document’s validity at first, due to a seemingly “dubious website” linked to this venture, Bloomberg, Reuters, and ConsenSys itself have since corroborated this unexpected, yet welcomed development. [email protected] is working with Citi, ING, Shell & more on an #Ethereum #blockchain platform for financing commodities trading. Blockchain is viewed as a solution to trade & settlement inefficiencies and to improving transparency and reducing the risk of fraud https://t.co/sv8KZC7MNX — ConsenSys (@ConsenSys) September 19, 2018 komgo SA, which has already been backed by leading banks, trading companies, and energy firms, intends to digitize the global trade ecosystem via a blockchain-based “open platform.” To facilitate this ambitious move, komgo has been incorporated in Geneva, Switzerland, which has become a leading cryptocurrency and blockchain hub. It is important to note that the 15 firms that have contributed to this startup are: ABN AMRO, BNP Paribas, Citigroup, Crédit Agricole Group, Gunvor, ING, Koch Supply & Trading, Macquarie, Mercuria, MUFG Bank, Natixis, Rabobank, Shell, SGS and Societe Generale, which are all well-respected firms in their own right. Although this lineup of firms is undoubtedly stacked to the brim, as aforementioned, komgo has tapped ConsenSys for its blockchain expertise and its unique insights into leading startups in this industry. Expressing his excitement, Joseph Lubin, a well-known cryptocurrency proponent and the co-founder of Ethereum and ConsenSys, wrote: “We are now entering a new era of simple and inclusive access to blockchain technology to advance stronger, more collaborative, business relationships previously out of reach. We are thrilled to see leading commodity trade finance banks and commodity houses come together to create komgo SA, which will radically simplify and accelerate trustworthiness, auditability, and accessibility to trade financing across the industry.” Many are hopeful that a collaboration between ConsenSys, coupled with the aforementioned startup, will parent ground-breaking new innovations within the next few months and years. As alluded to in the document that broke this news, komgo has already eyed greatness, aiming to launch two products before this year’s end. The first will “standardize and facilitate” KYC processes without the utilization of a centralized database or system, while the second will purportedly be “digital letters of credit,” which will allow legacy platforms to submit digitized trade data to komgo and its bank partners. This news follows PWC Blockchain head Grainne Mcnamara’s comments regarding enterprise-level solutions, in which she noted that firms are finding it difficult to roll out such systems in a manner that is “at-scale” and is cheaper than traditional systems. But if komgo SA proves to be a success, as many hope, her fears about the barriers that blockchain solutions will need to cross will be respectfully cast aside. Featured Image From Shutterstock The post ING, Citigroup, Shell And ConsenSys Partner to Create Ethereum-Based Platforms appeared first on NewsBTC.

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