As of present, it had outrun other crypto assets to clinch 33rd out of 100 major cryptocurrencies with a market cap of $307 million.
Its usage as a base pair coin to arbitrage trades and move coins between exchanges was overthrown with the creation of Stablecoins. Dogecoin was created with the intent of having greater appeal to the rest of the crypto-space further than the main Bitcoin audience.
Elon Musk who once before brandished Dogecoin in 2019 as his favorite cryptocurrency is once more giving it a stamp of approval. In a recent tweet, he is touted to have said: “they have the best Coin”.
Following Tesla CEO public endorsement, enthusiasm welled up for the cryptocurrency creating greater interest in its price action. The endorsement is seen as a great deal as in the past, many had traced its lesser crypto adoption to the “DOGE” Internet meme.
Dogecoin seems to be awakened in the year 2020 as it recorded active trading in February with its daily trading volumes above $150 million per day, though BKEX exchange accounts for a majority of this, 20% of coins are fixed in the top 5 wallets. This keeps outperforming each passing day.
Analysts believe that based on the significant progress it had made so far in 2020; DOGE may be set for a run. Although it’s been a while it had a major rally, with a significant buoy, it seems to be getting from its 48% share of Tether (USDT) trading, many anticipate a change of price regime for DOGE.
Image Credits: Shutterstock
bestadmin
