Bitcoin seems to have lost its recent momentum and has broken below $7000. The expectation in such a case would be that most altcoins will follow suit and lose value, right? Well, these expectations are holding true, and most major altcoins are down by over 10% today, apart from one, and that’s Dogecoin. Today, Dogecoin (DOGE) is up by over 20% and is now trading above $0.003. Quite unexpected for a coin that most people don’t even consider an investment, but should be, on the basis of its fundamentals.
Dogecoin’s core value lies in its utility. It is one of the few cryptos that is not only truly decentralized but is also usable for everyday business. Dogecoin is super-fast and has some of the lowest transaction costs in crypto. Basically, Dogecoin does what most cryptos are trying to do, albeit more efficiently, and it’s fairly priced. The price collapse of most ICO based projects has also exposed the power of true blockchains like Dogecoin, further adding to its intrinsic value.
As more people begin to realize the utility of Doge, beyond the façade of a ‘joke coin’, its value will continue to rise significantly. Dogecoin (DOGE) could see a surge in demand that pushes it all the way to $0.1 in the near-term as investors start pilling in, as they are doing right now. In the last 24 hours, Dogecoin has seen a surge in volumes rising to over $19 million. That’s a huge push given that some 4 days ago, volumes were hovering at around $2.5 million.
But could this be a pump and dump move? Well, most likely not. Dogecoin has weathered many crypto storms and come out victorious. Over the years, many analysts have written it off, as a joke that will fade away after a while, but it is still here. If anything there are lots of other coins that will most likely die off and leave Doge standing. In essence, what is happening now is Doge simply adjusting to reflect its true fundamentals. As investors become more interested in it, demand will continue to drive up its value. Besides, it’s now more accessible due to a higher number of exchanges listing it.
Dogecoin (DOGE) is a hidden gem, one that will continue to surprise investors in the long-run. The possibility of Dogecoin (DOGE) hitting $1 is quite high.