It is the first day of a new week and Dogecoin (DOGE) enthusiasts and investors are so optimistic following last week’s DOGE market performance. DOGE went against the odds by recording a price appreciation of about 12%, which is the most recent in a course of rallies witnessed by the coin.
At the time of the release of this article, Bitcoin was trading at $6299.78, declining from $7382 in the last one week. The ensuing big resistance for Bitcoin is at around the $6,600 mark. On the other hand, Ethereum saw a 32.7% decline in the last one week, although it is currently trading at $199.19- a 4.3% increase in the last 24 hours.
Currently, DOGE is transacting at $0.005722 with 11.61% gain in the last 24 hours. This is the best hit for the previous one week as many short-term enthusiasts and investors were dissatisfied with Bitcoin’s trend. It was on 28th August 2018 that DOGE doubled its previous price over the previous month. The coin was transacting at $0.0025 on 28th August, with its boom trend commencing 2 days later. It rose up to $0.0031, before skyrocketing to $0.0066 for a whopping 153% increase.
DOGE is notorious for being classified as a meme coin, as depicted on its official logo. It is grounded on the ‘Doge’ meme that is symbolized by Shiba Inu dogs conversing in awkwardly structured English. This was the boldness exhibited by DOGE enthusiasts and investors after a recent gain in value of the coin, as derived from numerous memes commemorating the gain.
Surprisingly, the rise in DOGE value is witnessed during a period when the market is bleeding red, with the leading cryptocurrencies struggling to retain their profits. Apart from Bitcoin and Ethereum, Cardano and Monero have also deteriorated by more than 2.5%. The remaining Altcoins are flat with negligible decays.
Yahoo’s Support for DOGE
In an unforeseen deal, Yahoo Finance (one of the world’s giant finance-based sites) declared that it will back DOGE transactions in its ecosystem. This will be made possible by Yahoo Finance’s collaboration with Tradelt, enabling IOS gadgets containing its app to transact with Bitcoin, Ethereum, Litecoin, and Dogecoin directly.
Despite its meme profile, DOGE is treasured and valued in the crypto market. As the number one choice for many traders, in terms of fast and cost-effective operations, the coin is reinforcing its course up the ladder. A DOGE enthusiast by the name Mark filed a petition which is counting more than 13,000 votes on change.org to allow DOGE on Amazon platform.
“Amazon.com being a leader in innovation should accept Dogecoin, as a payment method. DOGE is fast, cheap, and stable. It is stable in value, has the lowest transaction fee of other major coins, has a huge supply of coins and has a very large, active community with on-going development.”
DOGE is a Peer-to-Peer (P2P) virtual currency, like BTC and LTC. It is partly a meme, a functional token, and partly a myth in the crypto world. Though many people saw it as a joke, its loyal community and large market cap cannot be overlooked. The DOGE community comprises more than 100,000 subscribers on Reddit.