Dogecoin Is One of The Cryptocurrencies That Started the Month with A Rise in Price
On Wednesday, September 1st, the cryptocurrency market trading was mixed as Bitcoin traded in the red. There were several reports about Bitcoin investors shifting their focus to the ever-increasing scrutiny of the crypto sector by the regulators. On the said day, Bitcoin traded at 0.14% down at $46,903.
Meanwhile, crypto analysts were kept waiting as the United States Securities and Exchange Commission mulled over whether or not to approve the much talked about Bitcoin-focused exchange-traded funds (ETF).
While Bitcoin traded in the red on the first day of the month, some altcoins experienced a price increase as they traded in the green. Ether rose over 6% and Dogecoin experienced a 9.62% price increase to rank as one of the biggest gainers.
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Overview Of Dogecoin
Dogecoin is an altcoin and is a first-generation cryptocurrency that can be used for securely transferring value all around the world. Dogecoin famously features the Shiba Inu from one of the most popular memes on the internet. Dogecoin’s developer decided to adopt this meme character in order to keep the coin’s project light-hearted. Just like Bitcoin and Litecoin, the primary aim of Dogecoin is to pave the way for a peer-to-peer transaction to take place in a censorship-resistant way. Recently, there has been a significant increase in the amount of coverage enjoyed by Dogecoin in the media due to its steady price increase. This month is not the first time the price of Dogecoin is on the rise.
Reasons For The Rise In Dogecoin’s Price
In recent times, Dogecoin has enjoyed the public backing of celebrities and prominent people such as Snoop Dogg and Elon Musk. This has resulted in a push in the prices of the altcoin. In recent months, Dogecoin has thrived on its newfound status, from being a mere meme to one of the fastest-rising cryptocurrencies in the world.
The current trading price of Dogecoin revealed that it has enjoyed a recent surge in price, with many people and organizations publicly adopting the coin a passing a vote of confidence on it.
Like Coinbase, the popular online crypto trading platform left users locked of their account (denying them access to their account) at the beginning of this year as the cryptocurrency market crashed. This meant that many users were unable to sell their Bitcoin and Ethereum holdings due to technical difficulties.
How The Price Of Dogecoin Has Increased
In this year alone, Dogecoin has enjoyed a massive surge in trading which has seen its value increase considerably. Entrepreneur and the Chief Executive Officer of Tesla, Elon Musk used to tweet about the altcoin, which further helped to enhance the price. Other famous people and celebrities such as the investor Mark Cuban and Snoop Dogg have also in the past tweeted in favor of Dogecoin.
The price of Dogecoin initially experienced a surge in January, rising by a massive 972% from $0.007 the previous day. This came after there was a Reddit thread that called for its value to hit $1 per coin.
It was revealed that the attempt was targeted at mirroring a shared surge in massively shorted companies such as GameStop. The shares on GameStop reportedly surged by a whopping 700% at the start of the year. This came after an army of amateur traders made the game retailers their main target. This resulted in professional hedge funds who had shorted it to record losses running into billions of USD. However, while the professional hedge funds counted their losses, the amateur traders smiled at the bank as the surge resulted in massive profits for them.
BTC to dogecoin exchange appears to be the plausible option as the price of Dogecoin continues to experience more surges. There will be many more factors that will continue to impact the price of Dogecoin as investors would aim to take full advantage of the current price increase. It is no secret that Dogecoin has an appeal that stretches beyond the constantly increasing share price which was preceded on the instant payment system devoid of regular banking transaction fees
Conclusions
There are many investors and traders that have considered investing in Dogecoin. Truth be told, navigating the world of this meme-inspired altcoin could prove to be tricky. However, Dogecoin brings a lot of benefits to the crypto market and investors as a whole due to the similarities it shares with cryptocurrencies such as Bitcoin and Ethereum.