It’s amazing. Dogecoin is amazing. Who would have thought that the altcoin winter would be called to a screeching halt by a Shiba Inu dog from the “Doge” Internet meme as its logo?
Apparently, quite a lot of people.
Once a joke, it somehow managed to post gains of more than +175% in the past three days alone and now has a market cap of more than $684 million placing it 21st in overall market cap. Wow!
What is Dogecoin (DOGE)?
Originally designed to be used as an easy and fun cryptocurrency with actual functionality in mind, Doge soon flourished and became the accepted social coin among crypto users.
It’s super fast and costs almost nothing to send transactions through the internet. In addition, it continued to be listed on a number of established cryptocurrency exchanges throughout its lifetime and given the low price, a lot of times acted as an introductory cryptocurrency for new investors which is both hilarious and concerning at the same time.
Dogecoin started as a joke, but its recent developments are no laughing matter.
Doge was one of the four available cryptocurrencies (Bitcoin, Ethereum, Litecoin, Dogecoin) listed and available to purchase on “Yahoo Finance” as well as obtaining its own DOGE/USDT trading pair on Poloniex, and a proposed evaluation of a Dogecoin-Ethereum bridge known as Dogethereum.
News that is expected to significantly boost Dogecoin’s liquidity, price, and overall adoption rate.
A Crypto “Joke” to Be Reckoned With
Despite its outward appearance Dogecoin turned out to be sort of a leading indicator when it comes to altcoin bull runs. In some ways, it is much like CBOE’s Volatility Index aka VIX. The speculative theory claims that a substantial rise in Doge’s price could signal an upcoming rally or “altseason” could be just around the corner.
One thing is for sure the joke coin is here to stay, and thrive.