DOGECOIN : REASONS BEHIND THE RISE
Dogecoin is finally pumping big time after weeks, there are a lot of things that led to this spike in the last couple of days. According to a market intelligence analysis, by @IntoTheBlock, nearly two-thirds of Dogecoin holders are profiting.
They tweeted that the majority of Doge holders must be pleased as the in and out of the money analysis reveals that more than 66 percent of the addresses currently holding Doge are profitable.
Let’s talk a little more about its price. Let’s take a quick look at Dogecoin price. Currently, it’s trading at around 26 cents. The great part is that it almost touch the 30 cents level in the last 24 hours. Now we talk about some more reasons behind the rise.
” Dogemon Go” A Game Where You Can Earn Dogecoin
There are a lot of things that led to its recent rise. One of the biggest of them is how it’s almost becoming a part of our culture. For instance, the augmented reality game, Dogemon Go, which is kind of based on Pokemon Go, will allow users to catch virtual figures known as judgement’s. And if a person is doing really well in that game, he may even earn some Dogecoin.
RenVM Ventures With ICHI to Develop Decentralized Stablecoin
Things are looking pretty good for Doge and the entire crypto market. One of the most bullish news was that RenVM ventures with ICHI announced a collaboration today to make decentralized, stablecoins available to Dogecoin. Stablecoins, which are basically cryptocurrencies meant to keep a constant one dollar value, have grown in popularity in recent years. The present stablecoin market is worth more than 100 billion dollars. The thing about these stablecoins is that they end up putting the crypto economy at more danger by increasing the intensity of market losses.
This is due to the fact that cryptocurrencies are sold in order to mint these stablecoins. And this selling pressure reduces the value of these cryptos. Now, because of this collaboration, ICHI’s Decentralized Monetary Authority (DMA) protocol will overcome this problem. It’ll do this by allowing the crypto community to create a stablecoin backed by a mix of its own native coin and fiat back stablecoins. In a nutshell, it will allow ICHI to build a stablecoin for Dogecoin. And this is pretty great for Dogecoin.
Doge has beaten Bitcoin and Ethereum when it comes to short term gains
Crypto market has finally reached a market cap of two trillion dollars for the first time since May. And if we look at the data, Dogecoin is rising faster than most of the other big players. With the current price of around 27 cents. It has seen a 41 percent rise over the last seven days. In the same time period, Bitcoin is up by around 21 percent. And Ethereum saw a rise of 29 percent in the period. Basically, it looks like Doge has beaten them both when it comes to short term gains.
The Dogecoin Fear and Greed Index
We can finally see the fear and greed index for specifically Dogecoin. It was recently created by the same people that managed the Twitter channel for Bitcoin Fear and Greed Index. And if we look at where it stands currently, we’re in the green and hovering around greed. This is incredible because it suggests that the buying pressure is real. A lot of people intend to buy Dogecoin right now.