Dogecoin (DOGE) recorded massive gains during the increased momentum during the last 4 weeks and up, however, during the last week altcoins started to drop bringing DOGE down against the fiat.
However, as market trends are hitting hard for the past 24 hours on October 12th, Dogecoin seems to be holding onto the green despite the fact that the majority of toppers, as well as altcoins, are seen dropping against the fiat on the initial date.
As the majority of currencies are dropping with the latest market trend, DOGE is seen up by over 4%, keeping its value above 0.005$ with great chances of keeping up the good work.
The price of DOGE has seen some major improvements due to the announcement of Dogethereum that even caused confusion as there are two different projects running under the same name, one presenting Dogethereum bridge and the other alleged fork that never took place.
The team, alongside with DOGE is also gaining more attention since the live demo of Dogethereum bridge, sharing the vision for the future of Dogecoin.
In the meanwhile, is DOGE able to keep up the value above 0.005$ during market dips?
Dogecoin (DOGE) Keeping up the Pace of Growth despite the Altcoins Dipping
At the end of October 11th and the beginning of October 12th, the majority of altcoins are seen dropping against the fiat, driven towards the negative trends due to the latest atmosphere in the market.
While some of the toppers are also having issues in the market with Ethereum (ETH) going below 200$ and touching the value of 197$, Dogecoin is somehow managing to keep its value above 0.005$ despite occasional declines.
The state of DOGE’s value is now significantly compromised as Dogecoin counted over 700 million dollars in market cap during the hype around Dogethereum, while we can now see it trading in the red on weekly and monthly charts.
However, Dogecoin is still showing amazing gains in the course of the last two months with over 113% up against the fiat, collected during the course of 8 weeks.
At the current moments, after summing up all declines and price losses, Dogecoin weighs over 609 million dollars, still representing the 20th largest crypto in the market despite the dips.
Dogecoin is still keeping its spot on the global coin ranking list due to the fact that despite the frequent losses in the last three weeks or so, DOGE is now up by 4% on October 12th, which helped the currency keep the stability of the price in the market above the value of 0.005$.
The fact that the DOGE community makes up for one of the strongest and most faithful communes in the blockchain space might be adding up the needed boost for the crypto to bounce off against the current trend.
In the meanwhile, the community is voting between Substratum (SUB), Dogecoin (DOGE), Waves (WAVES), and Lisk (LSK) in the category of the strongest communities.
Dogecoin currently holds around 34% of votes, while Substratum is currently ahead of its competitors with 52% of the total votes. Whichever two currencies take the victory in the voting poll will get a chance to enter the competition for the main prize, which is being given away by the Altcoin Magazine in form of a free feature for the winner.
The somewhat declining force in the market within the latest performance of the coin doesn’t necessarily mean that the community is losing its affection or excitement regarding Dogecoin, but can rather be a product from a handful of opportunistic traders that have caught the fast train driven by the Dogethereum hype.
The team is looking upon the Dogethereum bridge for cross-border exchanges as more than a hype, so the devs are working on releasing a completely functional version of the bridge that merges Ethereum and Dogecoin platforms for cross transacting, without a purpose showing that Dogecoin is not a joke.
As the release of the fully functional bridge dubbed Dogethereum might certainly bring DOGE above its current value during another potential hype, less biased communities (in oppose to the DOGE community) believes that the price boosts for Dogecoin are over.
Many would beg to differ that this “prognosis” is anything but reliable, as Dogecoin dev team is also working hard on crafting their own submission to Coinbase, hoping that DOGE would get a listing on this exchange.
Moreover, as DOGE is holding on with the latest increase of 4% against the fiat, there will surely be more news regarding the future of Dogecoin as Ross Nicoll stated in one of his recent interviews that Dogecoin dev team is looking forward to becoming an integral part of Ethereum platform.