The crypto verse is full of surprises and Dogecoin (DOGE) appears to be one of the least expected coins to become the strongest in a market that has seen major coins and actions shed gains up 10% while the coin is trading in the green territories. DOGE has been trashed by many crypto-sphere commentators in the past and now has become the envy of every crypto lover.
While the entire market is in the verge of collapsing, Dogecoin continues to rise. The last three months has seen a coin that even the creator does not believe in almost doubling its price. Earlier today, DOGE moved up few places to rank 18 by market cap and has gains dropped one slot to stand at 19 at the time of compiling this report.
The DOGE market cap now stands at $73million and a 24 hour trading volume of 70.2million compared to the average of $4.5million early July. The market appears to be in favor of Dogecoin while the likes of Bitcoin and Ethereum are shedding gains of up to over 70%. The Doge growth is more that just a tipping and gifting function and these only scratch the coin’s surface.
DOGE is becoming the Lone Ranger
While the entire crypto verse is headed south, DOGE is the only coin taking the north route and collecting all the investor confidence the other coins are shedding on the way. By scanning the coin trades, the most popular parings are those of DOGE/USDT and DOGE/BTC and the volumes are riding on the Chinese based ZB.com and the Cayman Gate.io.
The impressive performance has not only surprise the coin creator, Jackson Palmer siting in Adobe office as a product manager, it is also being seen as perfect fit for transactions on the Amazon marketplace as well. Already, Change.org is collecting signatures petitioning Amazon to add it on its payment platform.
Dogecoin is Technically Ripe
The coin’s joke tag appears to be headed to the archives as it ushers in a new interoperability era in the market by joining hands with Ethereum and present Dogethereum to the crypto verse, a venture that Palmer, through a recent tweet appear to think it might not add value to the ecosystem:
“I find it kind of disappointing that good developers are spending time/energy building and reviewing these insanely complicated crypto Rube Goldberg machines when nobody is using Dapps [decentralized applications] and commerce adoption of cryptocurrency continues to decrease,”
However, the two communities believe the initiative will broaden accessibility to digital assets. The success of the project will lie entirely on the reaction from the user and one of the reasons why DOGE price is on the rise is the gesture to continue in developing the coin in preparation for future demands given that its utility prowess and potential has been seen at work in real life.
Day’s DOGE Coin Price Recap
The DOGE coin price has been steadily holding on the green zone and investors are beginning to move in and be part of the newly found amazing coin. The bears seem to have given up on the coin and letting the bulls in which has seen it gain 1.34% against the dollar and 1.23% to Bitcoin to trade at $0.006323. This has sent the coin above the April highs and the momentum still remains viable.
Earlier in the month of September, many of its critics thought the price surge from the crypto market rack was artificial and now they have realized it is driven by the market forces and has nothing to do with the major player’s ripple effect. It is about time we watched how long the coin is doing to move against all odds and remain strong.