When it comes to different altcoins on the market today, traders often keen an eye on Dogecoin. While this is still considered to be the joke currency of the internet, the market cap of DOGE tends to remain fairly stable. Now that the Dogecoin price is on the rise again, it is certainly possible all of the other markets will head in the same direction moving forward.
Dogecoin Price Offers Signs of Hope
Although the past few days have not been overly negative for any of the cryptocurrency markets, it is always good to see some positive momentum brewing behind the scenes. When even Dogecoin can inch ahead, it is only a matter of time until the other markets attempt to follow the same. As long as Bitcoin remains in the green, there is no reason to expect a market reversal.
Over the past 24 hours, the Dogecoin price has risen by 3.15%, Because of this somewhat unexpected gain, the value per DOGE has now reached $0.002568 once again. At the same time, the DOGE/BTC ratio has improved by 1.65%, as the 47 Satoshi level has been reclaimed successfully. All of these developments are more than promising under the current market circumstances. However, it seems unlikely DOGE will return to $0.003 anytime soon.
The big news of the week so far is how Dogecoin is now officially supported by the Coinbase Wallet service. In most cases, that could hint at DOGE becoming available for trading on Coinbase in the near future, albeit the exchange has neither confirmed nor denied this is happening as of yet. Even so, it is evident the support by Coinbase Wallet will help legitimize Dogecoin as a cryptocurrency despite the public’s perception.
https://twitter.com/arabac_cetin/status/1123907753376923648
Scrippins is one of those people who expect big things from this Coinbase Wallet news. Although other supported coins have seen their fair share of value increases, it remains to be seen if Dogecoin will receive a similar treatment. After all, there are dozens of billions of DOGE in circulation, and triggering a major market surge will be increasingly difficult. Even so, one never knows how its market will evolve in the coming days and weeks.
Get ready for blast off fellow #dogecoin friends
— Scrippins (@Scrippins) May 2, 2019
Despite all of the positive news, it seems some people are still not too convinced Dogecoin should be considered a legitimate project. Bill Warren, for example, is still convinced Dogecoin is a joke, as he cannot make sense of the current market cap of over $300m. While not everyone might take Dogecoin too seriously, it is evident this project will not disappear no matter how badly some people may want it to.
I get there some value in XRP, but it’s not really all that decentralized, so don’t you lose some value there. W/r to #dogecoin isn’t it supposed to be a joke? Are there really so many pure speculators / trolls out there that it can be worth $300mm+?
— Bill Warren 🤘 billw.eth (product @summonHQ) (@0xBillW) May 2, 2019
When looking at the bigger picture, it would appear most of the cryptocurrency markets are in a very good place as of right now. As far as Dogecoin is concerned, this gain could very well remain in place for a while, albeit a bigger jump might not necessarily materialize in the near future. Despite the Coinbase Wallet listing, it seems unlikely a push to $0.003 will materialize anytime soon. That is not necessarily a bad thing either.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
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