After gaining over 100% against the fiat despite the bearish market trends at the end of August and the beginning of September, while prolonging the positive pace of growth to an extended set of gains, Dogecoin started to plummet.
It is the general opinion that DOGE started to go down against the fiat since the team announced that they are unable to submit their listing form to Coinbase. However, what seems to be more likely the case is the fact that the price is declining with the declining hype around DOGE.
If you add the case of a bearish market still affecting the majority of currencies with occasional minor rebounds against the fiat, it is no wonder that DOGE lost over -30% in the course of the last month.
However, on October 26th, DOGE is seen rising up by around 5% despite the fact that the majority of tokens and coins are seen dropping or rising up just a little above 0%, which shows that Dogecoin is still capable of a healthy rebound despite the fact that the market wasn’t as inclined towards DOGE as around September.
Dogecoin Up by 12% in the Last 24 Hours despite Negative Market Trends
There are many reasons to believe that Dogecoin still represents a currency worthy of attention, even though its latest success in the market was subscribed to the hype revolving around the live demo of Dogethereum Bridge that took place in a live presentation on September 5th.
The hype slowly started to fade after some holders, probably new investors looking to turn some profit, realized that Dogethereum Bridge won’t be commercially available for use indefinitely until the team is able to deliver a completely functional end product, so the price started to decline accordingly.
That is how many crypto enthusiasts dubbed Dogecoin as dead after the hype, although there are many reasons that pose against this supposition.
Shortly after the Dogethereum bridge hype, one of the core devs announced that the team is preparing a Coinbase submission for DOGE, hoping to get a listing on one of the biggest and neatly regulated exchanges in the market.
However, since the team soon stated that they are not able to submit their listing form yet due to the fact that multiple points within the submission form don’t match the type of currency that DOGE represents, so it is supposed that the price declined additionally due to this occasion.
The team also recently addressed this speculation on Twitter, denying that they were ever preparing a submission for Coinbase in the first place and even mentioning the misquoting of “journalists” which they mockingly added in the post.
Dogecoin Leaves the Top 20 List – Drops to 24th largest Coin
Although Dogecoin acquired additional momentum by becoming collateral on SALT as a part of their cryptocurrency loan services, it seems that the added support for DOGE by this service couldn’t provide the needed boost for the coin.
That is how Dogecoin is seen losing over -22% against the fiat in the course of the last two weeks; also dropping few ranks lower now being traded as the 24th largest currency in the market.
However, despite the fact that Dogecoin seems to be declining on weekly charts, it still has “strong backbone” in the terms of keeping over 279% against the fiat on its YTD list, alongside with rising up by over 60% in the last two months while many top currencies are showing negative results for the same timeframe.
Additionally, Dogecoin jumped by 5% in the last 24 hours despite the fact that the top 10 cryptocurrencies like Bitcoin (BTC) and Ripple (XRP) are dropping, while some like Ethereum (ETH) are barely touching 1% of gains.
Even though DOGE touched 0.0038$ declining from the value of 0.0065$ recorded back in mid-September, the community stays clear on the prediction that Dogecoin will get to the moon.
In the end, if anything is certain, it is the fact that DOGE has nearly 300% of gains on YTD with still fair chances of having a strong rebound at the current pace of growth.
And, secondly, and maybe even of more significance, Dogecoin has a strong community which made it stick around as one of the toppers for 7 years already, making it a lot more than a “joke coin.”