DOGE may have started as a joke coin, but it still features among the top minable assets by transaction count and market capitalization. Its price has been trending up in the past few days.

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DogeCoin (DOGE) continued to rally on the back of a boost in Tether (USDT) trading, with the DOGE/USDT pair increasing its share from around 31% on August 30 to 34%, as per data from CryptoCompare. DOGE added about 20% overnight to reach $0.0037, going through several spikes in the past few days that elevated the price from $0.0023. The coin also moved up from 37 to 53 Satoshi.

DOGE is an often underestimated asset, but CoinMarketCap’s lineup of minable coins has it sitting at number nine by market capitalization. Based on transaction count, DOGE is among the top ten most active coins, often surpassing Litecoin (LTC) and Bitcoin Cash (BCH) in 24-hour transaction counts.

However, many warn that such price moves are not unusual for DOGE, and the value usually reverts to lower levels as it finds no real support. DOGE remains a highly speculative asset and comes with a warning. Despite its low price, the coin is not seen as going anywhere due to the unlimited supply, and it is also often used for crypto payments.

The latest price spike seems to be led by Gate.IO, where more than 33% of DOGE volumes are concentrated, and the coin trades against USDT. On Gate.IO, DOGE trades at a slight premium of $0.0038.

In 2018, DOGE has been experiencing troubles with some of the wallets, and the official one may fail to synchronize with the already large network. In addition, some have complained the Dough wallet may be losing funds.

The recent spike in DOGE has renewed talks of a potential listing on Binance. This is an older coin, with no special effort to pay the fee on Binance, and it has so far not participated in the community coin rounds. DOGE is a staple of niche exchanges with lower volumes and is key to multiple pairs on Cryptopia.

DOGE is also available for direct purchase through Litebit.EU and other European coin services. However, many advise against buying DOGE while the price is spiking.

A recent clarification of the DOGE-Ethereum bridge smart contract has failed to specify a technology for returning tokens to DOGE.

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.

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2018-08-31 10:34:43

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Christine Masters

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