Even though many people assumed the Dogecoin price pump would end pretty quickly, it seems the opposite is coming true. Thanks to its increasing trading volume, the value per DOGE has gained even more ground in very quick succession. It raises more questions as to when things will turn around, but for now, that does not appear to be on the horizon just yet.
Dogecoin Price Rush Continues
It is relatively fun to watch the Dogecoin price evolution over the past few days. After months or sideways trading and small dips, the Dogecoin price is not rising sharply. So much even that is on the verge of surpassing $0.0041. That value may not seem impressive, but given the supply of over 115 billion DOGE, it all adds up fairly quickly.
Over the past 24 hours, the Dogecoin price has risen by another 34.59%. This is on top of the gains noted yesterday, which are still in place as of right now. Although a 34.59% gain is unsustainable in the long run, this trend is something the cryptocurrency industry direly needs right now.
As one would come to expect, the Dogecoin rally in terms of Satoshi value is also firing on all cylinders. Despite Bitcoin recovering from its brief dip, the DOGE/BTC ratio is still improving in favor of the altcoin. With another 30.94% increase in this department, things are looking increasingly promising. A positive spell for cryptocurrency is more than welcome, especially given the troubled year 2018 has been so far.
As the overall cryptocurrency trading volume rises, so does the DOGE volume. Although it is far from the liquid market it used to be many moons ago a daily volume of over $52.87m is not too shabby by any means. It is more than sufficient to rekindle the public’s interest in Dogecoin, even though the profit taking cannot be too far off as of right now. Even so, anything is possible in the cryptocurrency world.
Most of the volume still originates from Gate.IO’s USDT pair, which continues to dwarf all other markets. Poloniex and Bittrex offer 2 BTC pairs to complete the top three. ZB.COM is in fourth place with its USDT offering, followed by yet another BTC pair on BTCTrade. A more than interesting collection for Dogecoin as of right now, although it remains unclear if more gains will be on the horizon.
As is always the case on Fridays, crazy things tend to happen right before the weekend. This Dogecoin price trend has been building up for some time now, and it only seems to intensify. A $500m market cap for Dogecoin is well within reach, although it may not necessarily go much higher than that. At the same time, this may be the beginning of a push toward new all-time highs for all cryptocurrencies, for all we know.