Although DOGE is showing nearly 140% of gains during the last 30 days, which is an extraordinary result in oppose to the commonly established market trends during the past couple of months, the price of Dogecoin recorded on September 24th is basically the same as the value DOGE had more than three weeks ago.
This is probably the case due to the fact that the market turned sluggish on cryptos once again, that way placing DOGE on weekly and bi-weekly charts, although the noted drops are frankly minor in oppose to the rest of the market.
DOGE was also brought to a close attention a few weeks ago when the team successfully tested the Dogethereum bridge, that was also mistaken by some community members, for the announced Dogethereum hard fork that ought to take place more than several weeks prior to the Dogethereum bridge live testing.
As the hype is slowly deflating, we can probably see a more realistic picture regarding the value of Dogecoin, so basically the question is: can DOGE break through its previously set all-time high of around 0.015$?
Dogecoin among the Top Gainers of 2018
If you take a look at the price of Dogecoin on September 24th, you will notice that the price of around 0.0057$ per one unit that is currently an active trading value for DOGE, is the same value that this crypto had three weeks ago.
So, basically, despite all ups, there were downs that made sure that the value is evenly both increased and decreased, spinning DOGE in circles for three weeks. This is the case because, despite the increased momentum for the past several weeks, Dogecoin was seen declining more than several times, including the beginning of September 24th after which DOGE was seen in the green once again.
Currently taking the spot of the 20th-largest currency in the market with 673 million dollars in market cap and counting, Dogecoin seems to be one of the top gaining coins of 2018, as this crypto recorded a YTD score of nearly 540%, which indicates that there is a clear shot for Dogecoin in attempt of getting back to its record price of around 0.015$.
Additionally the hype that affected the price of the currency over the past 4 weeks is also related to BitRefill that added support for DOGE alongside with Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Dash (DASH) for turning these digital assets into vouchers for entertainment purchases on websites like Nintendo and Hulu.
Moreover, a community member who is naturally also a DOGE enthusiast has started an interesting petition that revolves around bringing Dogecoin as an alternative payment method to Amazon, although Amazon representatives still haven’t mentioned anything about adding cryptos to its list of payment methods.
By far, the petition has around 17,000 signatures in favor of bringing DOGE to Amazon.
Since a single petition isn’t a strong enough case to persuade Amazon into adding Dogecoin to its platform, or any other crypto for that matter, the DOGE community would have to rely on the fact that the petition will still stand for a solid proof that DOGE should get to Amazon eventually in case this multi-billion company starts accepting digital assets.
Outside of the hype, DOGE still had still made it two spots above its previous ranking, currently residing at the top ten.
But, in order to see DOGE back at its all-time high once again by the end of the year, the currency should show an ultimately bullish behavior, as it needs around 270% from the current price of 0.0057$ in order to reach its record value.
Can Additional Momentum Take DOGE to the Moon?
As it was noted during the past couple of weeks, good news and hype can indeed take a currency to the moon, as it is the case with Ripple (XRP) and Dogecoin as of the recent turn out of events.
While Ripple is getting closer to Ethereum in market cap, now having over 22 billion dollars in capitalization, all backed up with the news about promoting XRP to banks and financial institutions through xRapid, Dogecoin has joined the list of top twenty crypto assets most likely due to a series of positive news, one of which was directly related to Elon Musk, the CEO of Tesla.
Apparently, several weeks ago, Musk turned to the first man of the well-known meme coin, asking for a solution for scam bots on Twitter, later on taking the conversation to private messaging. Even then did DOGE noted more than a slight rise against the fiat.
That means that Dogecoin could easily get those 280% short of reaching its all-time high by the end of the year in case this prominent coin once considered a joke by some crypto enthusiasts continues at this rate of growth.