Any cryptocurrency enthusiast following the market trends must be watching Dogecoin (DOGE) given the steady growth it has been experiencing in the last few days. The current breakout has seen the coin steadily trade in the $0.0034 threshold and the horizontal movement formation is generating a lot of investor interest. Could the real Dogecoin be shedding the joke hat? Let’s find out.
The gains against the dollar and Bitcoin are a surefire way any investor can tell a stable coin. With a market cap of $404.9, the coin value makes sit on the 35th position according to the official CoinMarketCap charts. This steady growth over a short time to mainstream adoption comes at a time when other coins price and value is fluctuating.
Dogecoin (DOGE) Joke Ends at Robinhood
The listing of DOGE on the Robinhood exchange has shown how serious the coin is getting. Not many crypto lovers had imagined the coin will unleash its tradability in the market so soon. Getting listed on one of the most popular mobile trading app has surprised many critics. The supporting announcement saw the coin price sour by over 40%.
By Robinhood choosing DOGE in a market flooded with many Altcoins has raised a lot of questions. According to the coin creator, Jackson Palmer, it is easy to invest in a coin that is not powered by the market hype. There are many ambitious digital coins out in the market but are useless to the holder. Dogecoin (DOGE) becomes the 5th supported coin on the exchange after Bitcoin, Bitcoin Cash Litecoin and Ethereum.
The Force behind Dogeoin (DOGE)
A simple look at the Robinhood portfolio will show that DOGE is the least intimidating. Most of traders on Robinhood are those looking for entry point coins and tokens and that is what has been missing and DOGE has bridged the gap. This gives the platform more visibility to crypto adorers and merging these with ardent traders and offers a level playing ground for all.
The simplicity behind the Dogecoin ecosystem has demystified the entire cryptocurrency perception. Most traders are not only looking at the low DOGE price but the coin is backed by a strong 115billion coins in circulation. A peek preview at CoinMarketCap shows DOGE is among the highest circulating digital coins in the market currently.
Mobile trading demand is on the rise and the DOGE and Robihood integration means a lot to booth outfits. DOGE is ranked number 5 in circulation globally and their near zero transaction fee is very valuable to Robinhood in terms of profitability and staying afloat in a competitive crypto market.
Dogecoin offers more transactions compared to Bitcoin Cash which means more opportunities behind the former joke coin. This offers an added value proposition than mainstream coins that offer value at compromising on the transaction cost. Dogecoin draws its followers from the traditional stock exchange establishments.
Dogecoin (DOGE) Steady Price Growth Analysis
Crypto users are not concerned with the market jargon; they are looking for simplicity that Dogecoin offers. The coin is not controlled and it is playing a fair game in the crypto verse and just like Bitcoin, it cannot just ‘burst’ but riding on the normal market media hype.
It is easy to HODL and with the increased sped-ability; digital coin collectors are setting their eyes on it. BitRefill, is now accepting DOGE as a payment vehicle to purchase gift cared from Amazon and the platform is eyeing integrating DogeRacer game into its platform soon which will have a DOGE payment interface.
With these developments, the Dogecoin (DOGE) price is eyeing the $1 by end of the year. At the time of reporting, the coin was trading at $0.003525 and has gained 4.00% to the dollar and 3.38% against Bitcoin in the last 24-hour trading session.