CV Market Watch™: DOGE Rises As High As $0.01
Despite the shakedown last week, DOGE recovered and touched the one-cent levels.
The humble DogeCoin (DOGE), without any special promotion, has proven to recover fast from last week's shakedown, and add 45% to its price this Christmas eve, to touch $0.01. A price that was seen as impossible a few months back may just be one stop among many for DOGE, which has proven to have potential.
At the same time, it seems DOGE, like other low-priced assets, is seeing a giveaway campaign on social media. With a low enough price, it is easy to bid up DOGE. The coin is by no means a fool-proof investment, as it has had deep shakedowns, losing up to 50% on days of selling. So DOGE should be approached with caution.
As Bitcoin sank down to around $13,000, DOGE is now continuing to improve its fortunes against BTC. But it is unknown what may happen in case of another Bitcoin upward run, as DOGE is traded for BTC again.
Most of the climb in DOGE has happened in the past month, as altcoins boomed, and trading volumes for DOGE are increasing. One reason is that for some trading pairs, DOGE is one of the easier ramps, with cheaper transactions compared to Bitcoin. Moving DOGE is still far cheaper and faster.
The Future for DOGE
DOGE is one of the few crypocurrencies that may benefit from the popularization of altcoins in 2018. With a friendly community and general ease of use, DOGE may become even more prominent.