DogeCoin (DOGE) is, once again, halfway to the moon, at $0.005, especially given that prices of $0.01 are considered extremely high for DOGE. In the past week, DOGE had a net gain of more than 123%, reaching $0.005413. After spending the past month almost flat in the $0.002 range, DOGE suddenly boomed, more than doubling its price.
Over the weekend, DOGE went as high as $0.0066, retreating slightly, but actually still holding onto most of the gains. The chief reason is seen as the upcoming launch of a Dogethereum bridge this September 5, linking DOGE coins with the Ethereum network through a smart contract.
What is even more curious, is that DOGE managed to almost reach the peak in BTC prices, hovering near 100 Satoshi, a level not seen since the bull market in January 2018. For DOGE, trading volumes of around $88 million in 24 hours, the trading levels are also reminiscent of the times of the biggest pumps in December and January.
This sudden interest in DOGE still has not led the dollar price to the one-cent range, mostly because DOGE is denominated in Bitcoin, and BTC prices are still relatively subdued.
The price move of DOGE showed that the crypto market crash in prices is also easily regained. Despite its humorous image, DOGE is still one of the major coins, and traders are paying attention to this significant price pump, for which some say no particular reason has been found.
DOGE still traded at a relatively accessible low price, and some accumulation may have happened during the low-activity months. The other supporting factor is the increase of Tether (USDT) volumes to more than 39%, up from 30% a few days ago when the pump started. This is an indicator of direct speculation in dollar-like positions.
As for the Dogethereum service, investors are warned that the September 5 launch would only be a test, and the option will not be unrolled for regular users any time soon. But without any other developments, this news has sparked renewed interest in DOGE, easily lifting the price.
It remains to be seen if the DOGE trend would spread to other altcoins, which have also hovered at low prices for weeks.
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