There is still a lot of negative pressure on the cryptocurrency industry as of today. With the weekend around the corner, it has become more than apparent this week will probably not end on a high note. Although most currencies show a sign of improvement right now, only Dogecoin has remained relatively stable throughout this recent market onslaught. That in itself has always been a pretty interesting development accordingly.
Dogecoin Price Momentum Remains Stable
Yesterday was not the most fun day for cryptocurrencies, assets, and tokens. Considering how there is a lot of negative pressure still visible across the chart today, it has become evident things will not necessarily improve ahead of the weekend either. Most top markets still note a loss of 5% or more, with Dogecoin being one of the very few exceptions. More specifically, the meme currency of the internet is holding its own quite well in the face of adversity.
Over the past 24 hours, the Dogecoin price has not budged all that much. While there is a 2.3% net loss in USD value to bring the price down to $0.0021, the gains in DOGE/BTC is pretty remarkable to keep an eye on. In the past few hours, there has been a 2.75% increase in this department, as Dogecoin slowly makes its way back to the 60 Satoshi mark. There is still a long way to go before this happens, but it is pretty interesting to keep an eye on regardless.
One of the main selling points of Dogecoin is how the network is actually being used for transferring value, unlike virtually all other altcoins right now. Dogecoin transacted over $3.1bn worth of value in the past 24 hours, which is rather remarkable given the current overall market sentiment. This massive value volume also hasn’t affected the price in any way, which confirms very few of the coins were actually sent to exchanges to be sold.
Even though the current market sentiment might not necessarily warrant it, there are still a lot of people who hope to see Dogecoin to rise in value in spectacular fashion. Futuristic would love to see DOGE “blow up”, although one also has to acknowledge there isn’t much this coin can do on its without positive Bitcoin momentum. Even so, 2019 might become the year of Dogecoin, for all one knows.
I just need #dogecoin to blow up. I will be so damn lit.
— HIQLTY (@HIQLTY_) January 11, 2019
Every day in the world of cryptocurrency gets a bit better when a meme is shared on social media. This is also one of the strong suits of Dogecoin, as LiL Stafi shared a pretty funny meme in this regard. Although such a spectacular price momentum for Dogecoin would certainly make many people’s heads spin, it is also rather unlikely it will materialize in the near future.
— LiL Stafi (@the_Staffi) January 11, 2019
When taking everything into account, it would appear there is a chance the Dogecoin price will recover in the near future. Whether or not that will lead to any major developments, is a different matter altogether. The DOGE/BTC ratio is pretty interesting to keep an eye on, as that might hit 60 Satoshi again sooner than people realize. Notable gains in USD value, however, may be slightly more difficult to achieve.
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.