DogeCoin (DOGE) once again lined up among the best-traded assets, growing more than 20% overnight. The rise is directly due to the spike in Bitcoin prices, as DOGE trading is heavily dependent on the leading coin.
DOGE grew toward $0.0033, with a slight pickup in volumes this Wednesday. The current prices are still 80% lower compared to the peak in January, when DOGE achieved $0.015 levels, not to be repeated afterwards.
!DOGE!
DOGE is seen by some in the crypto community as a joke coin, but is one of the robust digital assets, used to move funds between exchanges and for a low-priced withdrawal. However, since the end of June, DOGE transactions have been surpassed by Bitcoin Cash (BCH) much more consistently. DOGE transactions are on par with those of Litecoin (LTC), as both assets are popular in Asia.
This Monday, DOGE was added to the small portfolio of crypto assets on the Robinhood app, a no-fee service that has become one of the ways for spreading crypto coins to new buyers. Some believe DOGE may be highly attractive, since it is the lowest-priced coin.
https://twitter.com/OphiuchusGrey/status/1019411217889177600
But others remind new buyers that DOGE is a highly volatile coin, with no chance of achieving high prices. There is no cap to the supply of DOGE, hence almost no scarcity. The asset is often used for speculative trading, and has gone through boom and bust cycles. Pouring direct cash into DOGE may not achieve a significant rise in prices.
The DOGE asset has not been added to Binance, OKEx, or Huobi, and not even to KuCoin. The coin has a strong community, but there is no drive to achieve certain market prices. Jackson Palmer, the creator of the coin, has warned against too much enthusiasm for gains from DOGE, stating he himself never made it rich from trading the coin.
https://twitter.com/ummjackson/status/1018901838358122496
It is unknown how long the current rally would continue, and DOGE prices are mostly driven by Bittrex and Poloniex trading. DOGE remains highly volatile, and the recent growth from $0.001 to $0.003 may reverse.
Neither the author nor the publication takes any responsibility or liability for any investments, profits or losses you may incur as a result of this information. Cryptocurrency trading and investing is risky and market participants are advised to always conduct a thorough research.
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