Dogecoin may start as a joke at the end of 2013, but it is now one of the most powerful altcoins on the market. In the past few monthsDogecoinecoine cryptocurrency has remained relatively silent, but in August, executives announced plans to set up and launch the Togethereum project, which can exchange tokens between Dogecoin and the Ethereum-based digital platform.
The project was put into use on September 5th before June and performed very well. Despite the decline in the price of several altcoins, Dogecoin continues to grow. Now, it is doing better in terms of market value than entities such as Zcash and Dash. It is currently the 19th largest currency with a market capitalization of about $800 million and an average daily trading volume of just over $71 million.
Recently, the jumped from Dogecoin historical price $0.0033 on August 15 to around current Dogecoin price $0.0065. Canadian cryptocurrency researcher Kevin Rooke wrote on his Twitter page: ’Dogecoins may be a joke at first, but the community is now the envy of the encrypted world.’
In the past few weeks, Dogecoin has recovered more than half of its previous overall value. Although Dogecoin trading did reach a new high of about $0.0070,396 during the previous trading session, it has fallen a bit, currently at $0.0065. This is a loss of about 15%, although the short-term trend is still bullish, as the support can be maintained at $0.00440.
However, the resistance is set at $0.007040, which means that the Dogecoin must redouble its efforts to break the barrier that seems to have risen since mid-August. Once this position is exceeded, the currency can reach $0.0080, $0.00870 and $0.0100, respectively.
A source now describes a Dogecoin as a completely scattered coin. This will make it appear with entities like Ethereum, which can cut off the middlemen and give the problematic coin holder more control. Author Clem Chambers describes the currency as follows:
‘Dogecoin is a purely decentralized cryptocurrency. It is there, no one controls it. It is blockchain currency like Bitcoin, Monero or Dash, and is opaque as a digital entity and almost indestructible. …the reason that Dogecoin might soar like this is that it is a pure encryption, supported by a talented developer community, and there are no spiders in the middle of the network that can pay for the dream of your superyacht.’
Apparently, he is a fan of the currency, and he does warn investors to be cautious in their financial transactions:
‘What happened to Dogecoin in the past few days perfectly demonstrated the potential of top pure cryptocurrencies. Just don’t be greedy. Invest in your changes and get nature on the right track.’