While August and September were good months for Dogecoin, the same cannot be said for October. In the last 30 days, DOGE has lost over 37% of its value, reawakening fears of its some holders that their beloved cryptocurrency faces the possibility of bottoming out.
The last couple of days have not been better either, while most of the cryptocurrency market is rallying around the bull, Dogecoin slips for a fifth consecutive day. As at the time of this writing, DOGE down by 2.11%, leaving it with a trading value of $0.003653.
Dogecoin currently ranks as the 24th most valuable cryptocurrency, holding a market capitalization of $426.8 million, and seeing $10.3 million in trades over the last 24 hours. Many questions have been asked amidst Dogecoin’s poor performance, and one of them is.
Should You Sell Your Dogecoin (DOGE)?
Selling your Dogecoin at this moment may appear as the most logical thing to do, however, you probably should not. Unlike other digital assets that have bottomed in the past after hitting the brick once, Dogecoin has suffered the scare of bottoming out on several occasions.
Dogecoin has survived this long because of the proposition of the project, and the support it receives from its community. However, the fear of bottoming out could have devastating effects on a cryptocurrency (if holders resolve to sell their digital assets).
While Dogecoin may be in a very precarious situation at the moment, it should not take long before a revival starts. The popular crypto news outlet, CoinDesk believes that DOGE could spike to up to 100% in the coming days after hitting its recent lows.
DogePal, The Next Big Payment Method?
DogePal is an innovative payment system developed by a member of the Dogecoin Reddit community, recognized simply as Tom. DogePal may sound incredibly familiar to leading payment providers PayPal, but its fundamental process is significantly different.
In an interview with Blokt.com, Tom revealed that he has been an active member of the Reddit Dogecoin Community since 2014 and has worked on a number of other projects with Dogecoin since then, including the just-concluded Dogecoin Socks For The Homeless project.
The DogePal is an email payment system designed by Tom to help members of the Dogecoin community and beyond make and receive payments with Dogecoin. DogePal is basically an email to email payment system which will be made possible using a Dogecoin wallet.
With DogePal, all you need to send Dogecoin is the email address of the recipient. The anonymous Dogecoin tipping is also available on DogePal. Asides functioning as a payment system for Dogecoin, DogePal has been involved in several publicity campaigns for Dogecoin.
In the future, the platform aims to serve as a cross login solution which will allow other digital assets to adopt this system. DogePal is a remarkable development, especially for Dogecoin, and perhaps it could play an important role in forcing a comeback for Dogecoin.