It has been a pretty interesting week for Dogecoin so far. Considering how much top cryptocurrencies are on the decline, things have begun moving in the right direction again. More specifically, there have been solid gains in both USD and BTC value, and it seems that price increase will remain in place for some time to come. Even so, there are those who continue to considering Dogecoin as a “shitcoin” first and foremost.
Positive Dogecoin Price Trend Continues
It is always interesting to see how things evolve in the cryptocurrency world. Considering how the year 2018 is not exactly promising whatsoever, the chase for profits is still ongoing. One peculiar trend is how the Dogecoin price has been one of the more profitable and stable opportunities to explore. Even today, the altcoin continues to note impressive gains, despite losing control of the 60 Satoshi level in the past few hours.
Over the past 24 hours, Dogecoin has held on to its 5% increase in USD value and 5.5% in BTC value. Although this BTC gain is still in pretty significant, it is a bit less compared to what it was last night. As such, it seems Dogecoin may continue to lose a bit of ground over Bitcoin, although the next Bitcoin downtrend – which will materialize eventually – may allow Dogecoin to retake the 60 Satoshi level pretty quickly.
On social media, there is some excitement regarding the upcoming Dogecoin social media platform. Although a lot of the specifics still have to be worked out in this regard, it seems the platform is being developed already. Assuming that platform will come to fruition and offer some DOGE-related functionality, it may be capable of succeeding, at least temporarily.
— Domain Address Info (@DomainAddress4u) December 4, 2018
As is always the case when cryptocurrency markets note either gains or losses, arbitrage opportunities will pop up eventually. For Dogecoin, there are quite a few interesting options to explore right now, although the profits are not spectacular by any means. Even so, a gain of up to 2.8% is always too good to pass up on, especially when considering how all markets are still under a lot of negative pressure first and foremost.
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Buy at #Koineks and sell at #HitBTC. Ratio: 2.12%
Buy at #Gate.io and sell at #HitBTC. Ratio: 2.88%
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— Arbing Tool (@ArbingTool) December 4, 2018
Despite the relatively Dogecoin price stability, one has to keep in mind not everyone takes this project seriously. Dogecoin has always been a bit of a “joke currency” first and foremost. That doesn’t necessarily warrant the use of the “shitcoin” term, as Dogecoin has more use cases than over 90% of the altcoins on the market today. More importantly, its daily value transacted over the network is second only to Bitcoin itself.
The big question is whether or not Dogecoin can continue to maintain these gains and its perceived level of stability. That is easier said than done, as any negative pressure on Bitcoin will also affect Dogecoin in different ways. For the time being, it seems things will continue to evolve as they have over the past few weeks. Additionally, there is a chance Dogecoin will reclaim a spot in the market cap top 20, depending on how the situation evolves in the final weeks of 2018.
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.