Almost ten years ago, the first crypto ever to be issued was launched into the “cryptosphere”, introducing us to the idea of blockchain based technology and value that has a potential of moving as fast as information and data across the internet.
From being worth way below a one dollar value, Bitcoin made it to an all-time high of over 20.000$, that way becoming the top currency in accordance with market cap. Several years later, on December 3rd, 2013, a fresh currency with a face of Shiba Inu was issued and that is how the community was introduced to Dogecoin (DOGE).
Even though this digital asset somewhat wasn’t taken seriously by the crypto enthusiasts outside the DOGE community, Dogecoin has come a long way since it was launched, currently taking the 21st place on the official ranking list.
Counting over 648 million dollars in market cap all backed up with the faithful community that believes in the growing value of DOGE, Dogecoin appears to have a potential of becoming the “next” Bitcoin.
Dogecoin (DOGE) Might Not be THE “Underdog” of the Crypto Community
Ever since DOGE was launched as an Initial Coin Offering 5 years ago, the crypto community welcomed this asset as an interesting addition to the market; however, not many believed outside the circles of DOGE holders that the coin would survive this long. DOGE community raised over 50.000$ for sponsoring a NASCAR driver, Josh Wise, stating that Josh represents the true representative of Dogecoin, because he just like DOGE is an “underdog”.
However, Dogecoin doesn’t seem to be the underdog in the crypto community any longer, especially with the spiking up that DOGE showed on the first day of September. On September 1st, DOGE showed an amazing pace of growth by climbing up by over 50% in a single day bull run, making a flattering rebound that way gaining momentum.
Dogecoin is created to be mineable and is practically based on Bitcoin technology as a model, still different than the original coin that once also had humble beginnings in the market.
What makes DOGE different than BTC despite using the core technology of Bitcoin is the fact that Dogecoin didn’t come as a previously minted asset – it was rather made as inflammatory coin, that way enabling a growth of 5% regarding the total supply of DOGE coins from year to year.
This infrastructure model dictates an increased demand, that way affecting the volatility of the coin in a positive way and building a unique economy that is being preserved by the faithful DOGE holders.
Even though the market has been suffering from bear trends for more than 10 weeks with occasional opportunities for collecting gains, DOGE is showing positive results on weekly, daily and monthly charts, also showing a positive return on year to date chart.
Dogecoin and the Stability in the Market
Despite the frequent bear trends, Dogecoin is showing quite an astonishing pace of growth against the fiat, which can be contributed to the resilience of this digital asset.
DOGE might not be mentioned in the news that often with the last development commit made 6 months ago, but trading volumes of the currency are still going up for the last two weeks, indicating that DOGE is more than stable although its price goes below the value of one dollar per one unit.
What might be driving the adoption of DOGE is the fact that users can now use Dogecoin for purchasing Amazon gift cards via Bit Refill alongside with DASH, BTC, ETH, and LTC, also having the upcoming game called Doge Racer that should introduce DOGE to the gaming industry potentially attracting more attention to this currency.
While Bit Refill supports the real-life usage of Dogecoin, DOGE is rising against the fiat despite the sluggish market.
Even though the coin is valued at around 0.0055$, DOGE has jumped up by over 50% in the last 24 hours on September 1st, also showing over 100% of gains on both weekly and bi-weekly charts.
Up till recently despite the fact that the last tech update to the network was made back in March, DOGE turned up to be the most trending coin in accordance with Google Analytics while it gained over 126% in the course of the last year.
Although still priced away from the one dollar value, one cannot miss on reflecting on the humble beginnings of Bitcoin once the enthusiasm of Dogecoin community hits you.