The crypto markets have been mostly bearish in the past 24 hours with the exception of a few altcoins. Dogecoin is however not lucky after losing over 5% within the last day of trading despite maintaining its top 30 reputation in market cap. The “joke” coin has seen both good & bad times since it started trading over 5 years ago; it is older than most existing projects in the market!
Dogecoin’s development has gradually earned this blockchain project a seat at the table of prospective cryptocurrencies. At the moment, the altcoin has been listed in over ten crypto markets with a couple trading pairs including the famous ‘XRP’ token. Given the bullish nature of other Q4’s; Dogecoin (DOGE) is optimistic that its price action reversal will change the coin’s 17% loss in price trend as of last week.
SALT Leveraging DOGE to provide Fiat Liquidity
The Dogecoin blockchain project is seemingly prospective in the Fin Tech arena. Salt, a loan provider based on the modern day digital assets recently added the DOGE currency as a collateral option for acquiring fiat loans. This move comes as big liquidity boost for DOGE whose daily traded average volumes is around $11 million. According to a blog by Salt, the company will include DOGE amongst 3 other cryptocurrencies as collateral for USD, JPY & GBP fiat loans.
Clearly, DOGE is filling in the gap meant for native tokens in the Fin Tech arena. This blockchain project gained Salt’s favor despite over 15 other crypto coins having a better market cap than DOGE. Could this simply mean that the Jackson Palmer created coin is indeed a good HODL? That’s a question only time can tell although the 30-day DOGE volatility is below 15%; quite impressive in comparison to peer cryptocurrencies.
Crypto adoption has been a focus of most projects for long-term survival. DOGE’s recent collaboration with Salt will enable more crypto enthusiasts to leverage the coin for more value addition in terms of credit while staying bullish in crypto. However, we cannot fully ascertain how long the reaction will take to reflect & last in the DOGE price just as was the case during the Dogethereum release a few weeks ago.
Dogethereum Follow Up
One of the most recent milestones by Dogecoin was the Dogethereum bridge release. The milestone sparked excitement amongst DOGE coin hodlers & the project’s community in general. It was no surprise that the DOGE altcoin managed to beat the market movement prior to the release of this milestone. A good number of analysts & crypto opportunists had in fact banked on DOGE’s success by the end of 2018.
However, things seem to have unpacked in a different way! The DOGE altcoin has lost over 27% in price within last month. This is a period in which most bullish DOGE crypto enthusiasts believed the coin would probably have hit its all-time $0.0174 high again. As it stands, the prices according to coinmarketcap are not that friendly for this group of individuals despite the continued vibrancy in Dogecoin’s fundamentals.
So what could have made DOGE not react as expected? Many crypto analysts may attribute this to the general market performance. Bitcoin’s market dominance has appeared to largely influence the crypto market direction especially due to ICOs affiliated to the BTC. The DOGE case might or might not be a market factor effect given that the altcoin has a proven its independent nature in a couple trading days over the past. Furthermore, DOGE has to date grown by over 600% since 2013 while the average monthly returns stand at 41%.