Dogecoin (DOGE) has been hyped in the past two weeks following the long awaited ‘Dogethereum bridge’ release. The altcoin is among the top performers since then including in today’s bearish market where it has lost roughly 4.7% while peer cryptocurrencies are losing between 15% and 20%.
The release of the Dogethereum demo was done on the 5th of September 2018; the altcoin has already reported a successful test! Dogethereum managed to link the Ethereum and Dogecoin networks hence the consistency in DOGE price today. As of now, crypto developments like the Dogethereum Bridge have proven to be significant market factors in the price action of digital assets.
Developers working on the Dogethereum Bridge have brought relief to the DOGE community and HODLers via smart contracts. The team developed a protocol that can adequately enable the flow of DOGE crypto coins in and out of the Ethereum network. This will allow DOGE users to exchange their coins for other tokens built on Ethereum and get their DOGE back as well via the smart contract.
Dogecoin (DOGE) posted on their twitter handle a few hours ago confirming the success of ‘Dogethereum’ demo,
We don’t regularly do technical content off this account, but as a lot of people are asking – there was a demo of the bridge today and yes it worked 🙂 – Ross
Dogecoin Developers @dogecoin_devs
Yes, the demo was a success! You can watch the whole thing at https://www.youtube.com/watch?v=zOCdtJmCruc … – it’s very technical, but I do talk about my plans at the end. – Ross
The hype by Dogethereum was well-welcomed by the DOGE community apart from the project’s creator, Jackson Palmer. Mr. Palmer’s skeptical approach on overvaluing technological developments saw him criticize the reaction by crypto stake holders following this Dogecoin milestone,
In my opinion, the Dogecoin Ethereum bridge doesn’t add any real value to either project. I get the fun novelty angle of technically achieving it, but it provides no usefulness or cost efficiency vs. something simpler like atomic swaps if you care about chain interoperability.
— Jackson Palmer (@ummjackson) September 6, 2018
Dogecoin’s performance is currently enjoying support from this news. However, the question remains whether the release will sustain the project’s current attractive stability in the long term. DOGE has maintained its market cap surviving the sell-offs made within crypto markets in the past 24 hours. According to the market statistics, approximately $ 30 billion of the total cryptocurrency market has been sold off.
Bittrex Adds DOGE/USDT pair
Crypto coins liquidity is highly dependent on the markets a coin is listed and the scalability of its trading pairs. Dogecoin was recently added the USDT pair in one of the most popular coin markets today, Bittrex. This is expected to boost the coin’s liquidity especially now that the coin is proving fundamental value gradually while most projects haven’t achieved much of their targets as per whitepapers.
Poloniex is a good example that has boosted DOGE liquidity with the USDT pair, roughly 30% of DOGE coins are traded using this pair. Therefore, DOGE is pared from much effect by the Bitcoin-factor in case BTC is experiencing challenges.
Dogecoin enjoys a wide range of users including tipping bots for social medium platforms due to the coin’s features. Despite the current lucrative performance, Dogecoin has not fallen short of the most common crypto characteristic ‘high volatility’. The coin’s price is up by 63% in the past week while its volatility in the last one-month is at a 71% high.