Dogecoin gained a massive momentum attracting more investors to join the meme coin community of holders, considered to be one of the most faithful communities in the crypto space.
Due to the two different projects announced under the same name, Dogethereum, one of which was a hard fork and never took place, DOGE started to show some major improvements in the market.
This momentum, caused by the supposed DOGE hard fork and Dogethereum bridge that was showcased as a demo via live streaming, brought to some major gains on YTD charts, with the positive return remaining even with DOGE having a rough time for the past two months.
Dogecoin Takes a Dip Towards Becoming the 25th Coin on the List
With the previous momentum in the market as recorded back in September when the majority of currencies were struggling against negative market trends, DOGE made it to the top 20 list.
Thanks to some major gains due to which DOGE is still showing 167% of gains on its YTD chart, Dogecoin managed to join the top 20m league. Although the hopes were high that DOGE was to remain there firmly settled, the crypto dropped 5 spots down during the course of the last two months.
This is no wonder since DOGE is actually lost almost -50% of its value during the course of the last two weeks, which means that all short-term investors have abandoned the ship weeks ago.
Moreover, Dogecoin was also unable to take advantage of the latest market rebound that started with the first days of November 2018.
Many holders are urging that Dogecoin should be kept in DOGE wallets as a long-term investment instead of being suppressed to major selloffs.
Dogecoin Missed on the Latest Mass Crypto Market Rebound
Dogecoin missed out on a major opportunity of rebounding at the beginning of November as the first week of this month brought a great opportunity for cryptocurrencies to recover from previous cuts and drops.
Despite the shot, DOGE didn’t make it into the green during the last week but went for a dip by -15% instead.
DOGE is also showing -49% of losses during the last 8 weeks as the after-hype effects are striking bog time, also dropping by -37% in the course of the last month.
Still, DOGE is still being traded at a higher price when compared to its value of 0.0020$ back at the end of November 2017.
Additionally, there are several positive factors in form of Dogecoin projects that might serve the purpose of pulling DOGE out of the prolonged dip.
One of such projects is related to the adoption of Dogecoin through everyday purchases.
Factors That Might Pull Out DOGE Out of the Dip
Starting with a preference that DOGE is already recording gains on its YTD chart going up by nearly 170% in the last 365 days, Dogecoin still has a strong back behind it in order to take a rebound.
Moreover, DOGE is already working on increasing the odds of having DOGE being mass adopted as a payment method that ought to be widely used as cheap, simple, and easy.
That is how crypto enthusiasts will be able to pay for their purchases via Dogecoin service dubbed DogePal, much like it is the case PayPal when it comes to centralized payment services.
Also, much like with PayPal, Dogecoin users and interested parties will be able to send DOGE units and pay for different services and products via email addresses.
This project should make Dogecoin more accessible to everyday users and at the same time showcases that DOGE is applicable in your everyday life, representing a fast and reliable payment tool.
In case the project catches on in mass, Dogecoin should see an increased interest from investors as well.
Since Dogecoin has very low fees and these transactions with DogePal take no more than 20 seconds to get from one to another account, the service might become a more widely accepted trend.
In the meantime, Dogecoin team is still working on the announced improvements regarding Dogethereum bridge project that is yet to be scheduled for the official release.
It is presumed that the project would be out somewhere in 2019, which might provide an additional momentum to the declining DOGE in the market.