Despite Bitcoin (BTC) Bearish Prices, Dogecoin (DOGE) Trades Sideways
The price rallies and market gains in the crypto trade market are highly governed by the Bitcoin and how it's fairing. It's common to see that if Bitcoin is on the bull run, the rest of the altcoins follow the suit, and the rise of Bitcoin is generally considered to be a great thing for the whole market in theory.
However, it's not certain for the altcoins to hold onto their gains earned by the bullish nature of Bitcoin and most of these altcoins fail to capitalize on the early gains. The price chart of Dogecoin makes this argument even more reliable where the altcoin has experienced small losses in recent price rally, but its value of $0.002 hasn't faced much resistance as of now.
When Bitcoin turns bearish and the rest of altcoins either maintain their position or loose the tiniest, its a great sign for the long term. Dogecoin is one such altcoin which has shown its resistance towards the bearish trends and has maintained its $0.002 value for quite some time now. However many traders believe that such price stability can make Dogecoin a boring trading entity.
Dogecoin's Market Movement In The Last 24-hours
If we look at the last 2-hour price chart for dogecoin, it has neither performed terribly nor the prices have shown any promising signs. The DOGE token is currently valued at 0.002039 USD after 1.21% decrease in USD value and 1.29% decrease in BTC value. The decline is quite low when we consider the volatility of the crypto trade market.
Dogecoin started out as parody crypto and was just intended to poke some fun on the crypto market, however, it gained much wider acceptance than many would have imagined and also reached a valuation of 1 billion within few years of its launch. However, the use of DOGE tokens was only limited to tipping bots and a few content sharing platforms.
Even later when the founders of the token left the platform in order to make it truly decentralized, the platform did not grow in terms of price market charts, despite being quite popular. One main reason for its stable price point is its unlimited supply, which many believe could prove to be hampering the network in the long run due to inflation.
Recently, Tor project announced that it would start accepting cryptocurrency donations, but surprisingly Dogecoin is excluded from that list. Many belives Dogecoin has the potential to fair better than the likes of Augur, but whether others see the same potential would be a matter of discussion.
Here is what The Tor Project Announcement Read,
“We changed how we accept cryptocurrency, and you can now donate a slew of different kinds of coins directly to us. Thank you for the feedback.”
The announcement was followed by many Twitter users asking the Tor Project to also include Dogecoin in its list.
Dogecoin Finds Acceptance From Travala
Despite being snubbed by the Tor project, the dogecoin has found acceptance from Travala. Travala is an online booking market place for accommodations and now the users of the platform can also make payment in Dogecoins. This would certainly help the cause of the Dogecoin and open gates for other businesses to start accepting Dogecoin.
Many believe that the community behind the Dogecoin network needs to be more innovative and market their product on the merits of it. The community must come up with better marketing strategies to propel its use. Even though the platform does not look much concerned, the community is all up with new ideas.
One of the Twitter users put forth a very interesting marketing idea where he asked the people who love dogs to celebrate the national puppy day with the same passion for the Dogecoin. It might sound bizarre to many technical minded, but hey he at least tried.
Dogecoin Remain Stable During The Recent Rally Of Prices
Right from the beginning of 2019, the crypto space has seen many upward price rallies, but none of them have been substantial and every cryptocurrency is finding it difficult to either breach their upper resistance level or solidify the gains. However, despite the flurry of price rallies, Dogecoin has remained quite stable throughout, neither gaining substantially or losing a major portion of its gains.
With every price rally the crypto bulls and investors come out to predict that the next bull is around the corner, but as trade markets are, there is no certainty in behavior. The bull run might come even today, a week from now or might take another year, no one can substantially predict.
Dogecoin has come a long way from its initial days where it was basically a practical meme and a parody of cryptocurrency. The DOGE token in its small life-span has already made it to the top-30 list and hoping to gain much wider acceptance. The Dogecoin network can boast of being among the very few who respect the concept of uncertainty and that is the reason the creators left the project in the hands of the community.
Dogecoin is often criticized for its unlimited supply which many believe comes in its way to raise the price market charts. However, being stable in terms of prices could be a great thing especially for a cryptocurrency. in the long term.
Hopefully, the community behind the Dogecoin come up with better marketing strategies to ensure even much wider acceptance.