After remaining dormant for the better part of 2017 and 2018, Dogecoin (DOGE) surprised many after coming to life in August outperforming all major coin in the top 100 valuable coins. However, the eruption has gone back but the coin still holds on to its gains. The platform has not been the best pick for many investors but its potential has proved the power of a fully decentralized system.
The last 7 days have seen the DOGE fortunes start to dwindle when other coins are selling on the green territory; the coin appears to be stuck on the red with single digit dips. However, there is never a dull moment in the crypto verse and a reversal is likely to set in and experience the undervalued digital asset get back on its feet.
DOGE Price Shifts and Social Media Reactions
As the recent surge of DOGE price still fresh in the minds of the coin adorers and adopters, the mixed reactions has been left to social media which believes Dogecoin is still the original meme themed joke digital currency that has the potential to go places. With the current social media debate, the coin still remains one of the most watched in the market today.
There are speculations from coins supporters that SEC is about to reject another EFT proposal from Bitcoin with a likelihood of BTC and ETH prices diving and that of DOGE inching up in the near future. One Dogecoin fan took the meme coin joke too far and ended up tweeting:
“I will be all-in #dogecoin after the next bounce. #bitcoin etf this week will likely be denied… Dogecoin UP. Approved? Bitcoin up, #doge flat. A “safe” play.https://t.co/EosBUpBHmH”
— Isa (@__eesa__) September 16, 2018
With the current volatility and uncertainty in the crypto-sphere, it is becoming extremely hard to land a safe coin that will cushion traders against the market forces. The price surge appears to have ignited interest on the platform as a safe haven during market cracks but the downtrend of the coin’s price has kept adopters sitting on the fence.
Meme Reality Downing on Dogecoin
The community appears to be taking advantage of the attention the coin is gaining every other day. They are using the meme aspect to increase its visibility across the globe. A comparison between DOGE and BCH has been captured on meme. This is a good route to market for the coin and the community goal is to get DOGE accepted in many retail outlets as possible. Caption this meme tweet from a fan:
“Someone stuck a bcash sticker on the drive thru at a local McDonald’s. Today, we made doge great again. #dogecoinhttps://t.co/sHBt4piDAR”
— Mike Olthoff ⚡ (@olthoff) September 15, 2018
The tweet is quite telling and simply means DOGE can do better at McDonalds compared to Bitcoin Cash. However, the Dogecoin fans are turning the meme idea to a marketing gimmick with a possibility of getting more adoption from meme lovers given that meme is gaining popularity in the social media where DOGE is set to dominate as a gift and tip digital coin.
Dogecoin (DOGE) Price Shifts gear south
With the DOGE price momentum eases off, the coin gains are getting eroded but the bulls are still resisting. The coin has shied from the early September high of $0.007 to $0.005 with a likely rebound once Dogetherum tests are completed. The coin has shed 2.81% in the last couple hours to change hands at $0.005691 for a green buck.
The back to life journey for DOGE has kept the investor community on its toes and the Dogecoin-Ethereum Bridge, Amazon push to add the coin and the Mozilla rumor are three good reasons why the Dogecoin interest is not going down the drain so easily.