It has proven to be an interesting day in the world of digital assets and cryptocurrencies. Unsurprisingly, there is more bearish pressure on Bitcoin, which drags all other markets in the red as well. Dogecoin is, once again, an exception in this regard, as it notes gains in both USD and BTC value. A remarkable trend which further confirms Dogecoin is the coin to watch right now.
Dogecoin Price Trend Turns Bullish
No one should be surprised to see the value of Dogecoin rise when Bitcoin keeps turning bearish every other day. This trend has been apparent for most of 2018, and there is no reason to expect anything to change in this department. Whereas Bitcoin loses value and all top altcoins go down with, Dogecoin simply does its own thing at all times.
Over the past 24 hours, there has been a 5% increase in Dogecoin’s USD value. Additionally, the altcoin has gained over 12% on Bitcoin, which allows it to note these USD gains in quick succession. It is also the first time in a while the Dogecoin value surpasses 60 Satoshi. For now, it is difficult to predict how long this level will be maintained.
When looking at social media, it would appear some interesting developments are taking place within the Dogecoin ecosystem. Unlike other altcoins, Dogecoin hasn’t been well-known for multisig solutions. That situation is now slowly coming to change, courtesy of Dogecoinmultisig. Always do your own research when new services launch, yet it is an interesting idea regardless.
— DogecoinMultisig (@DogecoinMulti) December 3, 2018
It is also interesting to note how Dogecoin has been a far more stable currency compared to other cryptocurrencies. So much even that it almost looks like a stablecoin to some. It is a bit of a misnomer for DOGE, albeit one can easily see where that sentiment is coming from. It simply remains relevant and stable while other markets continue to crumble.
— sutski 💎 (@BittyCryptonius) December 3, 2018
An interesting topic is raised by Randicus. Currencies with an unlimited maximum supply are subject to inflation. In the case of Dogecoin, that rate of inflation is often ridiculed and considered to be a hindrance. Even so, it is not that big of a deal when compared to some other projects. As such, it is always important to put things into the right perspective.
Dogecoin's inflation is kinda low compared to thew others yet it gets stick for being "limitless" #dogecoin
— Rancidius " Maximus Putridious " Potatodopoulos (@RancidPotato) December 3, 2018
The big question is how long Dogecoin can keep this uptrend in place. Its low trading volume is a cause for concern, although one could argue all currencies see far less trading volume on this Monday. As such, the Dogecoin price should hold its own with relative ease, albeit the battle for support at 60 Satoshi will be an interesting one to watch.
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.