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Most Cryptos Are Lossing Grip, But Not Dogecoin - Why?

Dogecoin

August 19, 2020 | 

JOHN K MWANIKI |  1 Comments| 

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The crypto world has experienced a sustained decline in recent times. Most of the coins have been stagnant with little activity. This is different from the Dogecoin. The social media-based currency has been gaining, unlike never before. 

Here is all you need to know about the coin’s gaining while the others are losing grip; 

Community-Based Marketing

Anyone who wants to dismiss the power of social media should only observe the success of Dogecoin. Formed solely on the meme world, the coin has stayed true to its community-based marketing—the latest one responsible for it’s rising is a viral Tiktok challenge.  

The challenge started with the coin trading at two-thousandth of a dollar. It has since grown to four-thousandths of the dollar. It promised users to purchase the coin at such prices and wait for it to hit the $1 mark.

By then, someone who invested $25 would be worth $10k. The challenge has been so successful, way past what the creators had anticipated. 

The community marketing has also seen the coin become a hit among celebrities. Notable is the support from Elon Musk. He stated in a previous tweet that Dogecoin is a cool currency. He, at some point, even claimed to be a former CEO of the coin. While this might not be the case, it goes a long way in reinforcing the coin's light mood marketing. 

The only concern is how the Tiktok current issues would affect the coin. For now, though, it has built a name through the platform, and it keeps reaping benefits. 

Listing on Crypto Exchanges 

The Crypto world is ever-changing. The traders are always looking to make the most of any upsurge. The same is true with the crypto exchanges. Most of the crypto exchanges have taken note of the Dogecoin and reacted accordingly. They have listed the coin as one of the trading assets. 

One of the top exchanges to introduce the coin is the OKEx. The exchange has launched multiple trading options on the currency. It provides for perpetual contract trading, savings, and margin trading.

It allows the trade of the coin against the USD as the primary currency. 

OKEX CEO has gone ahead to approve of the changes they make at the exchange. He claims they are always looking for customer needs and fulfil them. The exchange believes the coin is still likely to keep the growth pattern. 

The introduction of the coin will improve the exchange's liquidity. It will also make the exchange ideal for most traders looking for the trends. The exchange, on the other hand, contributes to the growth of Dogecoin. Listing on an exchange is a stamp of approval. It helps in building trust in the coin by the traders. 

Other exchanges are likely to follow suit. The more exchange picks up the coin; the more traders would be able to access it, leading to more interactions and growth in demand. 

Boring Week by Bitcoin

Dogecoin is also in for a treat from the other coin activities. After a sustained bull run, Bitcoin has hit a slow path. The coin has had a steady run from March until August. The run saw it gain from the lows of $3k to reach the highs of around $12k. It had even temporarily gone to the $13k, albeit for a short time. Such changes are what Bitcoin traders live for. 

The coin has been experiencing a slow run for some time now. The boring week has seen most investors stop the usual trading. The value of the spot trade has dipped even much. Most of the traders are waiting for the coin's reaction before getting back to the typical trading

That does not mean there is no trading happening. Most of the ardent traders have been looking for optional coins. That is where Dogecoin comes in. The acute rise of the coin has coincided with the other currencies losing grip. It is now the best option for those looking for the same increase that Bitcoin is known for. 

The only concern comes when Bitcoin resumes the regular moves. History indicates that Bitcoin tends to surge after a boring week. Still, it might not affect Dogecoin as much. If the coin keeps on the run, then it would attract more traders. Those who have crossed to it also won't have to flee after some time. 

Is This the Beginning of a New Wave in Crypto? 

It's just over a decade since the first crypto was announced. These are incomparable to the fiat economy. What shows through is that the crypto world is yet to stabilize. Several coins are still coming up. Different currencies are looking to solve various challenges in the world today. 

Some coins like Bitcoin and Ethereum have been revolutionary. Bitcoin introduced a whole new financial world. It was looking to avoid a fall like that of the fiat, as observed in the 2008 financial year. Ethereum launched the age of the ICO.

It made sourcing for funds by the developers a lot easier. It also introduced the generation of decentralized apps. The coin's blockchain also allows it to support several other currencies. 

Dogecoin also looks to introduce a new age of coins. Most coins have been big on the ICO, whitepapers, and other official documentation. That is different from the new unofficial route Dogecoin is taking. It is embracing the new way of using social media to connect the world. It can be so liberating for most people looking to join the sector. 

It all depends on how much the coin becomes successful in the end. Most of the traders are still wondering how a joke of a currency can become so big. Several analysts are still torn whether the coin is the future of the crypto. Some believe it won't sustain the intense growth. 

However, whatever is given is that if Dogecoin were to be successful, it might change the crypto world. 

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batholomew brown
batholomew brown . I’m a bitcoin trader and the time I’m writing this blog I can’t find a single review about many bitcoin trading signal services and companies. I have lost lots of money testing them for over an year. I don’t want you to be scammed too.

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