Dogecoin (DOGE) surprised the blockchain space once the crypto was able to adopt a positive pace of growth, climbing up despite the expectations, as well as despite the market trends that weren’t as benevolent at the time.
Most possibly driven by the hype surrounding the Dogethereum bridge which had a live demo back on September 5th, DOGE spiked in a major bull run, however as of October 18th DOGE declined down below the top 20 list, leaving its spot to a privacy coin, ZCash (ZEC) that had an unexpected rise at the time it took over.
There are some indications focusing on the fact that DOGE might be suffering from decline due to a case of having one of the core devs stating that the Dogecoin team would not be able to proceed with the Coinbase submission, although they have previously stated that they are working on submitting their request to Coinbase.
Coinbase listing could be a major boost for Dogecoin in the market as the exchange counts around 20 million users, however, the team claims that although they will try to get a listing on Coinbase for DOGE, they are unable to complete the forms as many questions do not apply to the case of Dogecoin.
However, we believe that the hype revolving around Dogecoin isn’t dead yet, as well as it goes beyond the hype, so here are reasons to believe the last DOGE decline will be short-term.
Dogecoin Rebounding Once Again after Surging by 13% in a Week
Due to the most recent market dip that went on for several days, starting out around October 16th, DOGE surged badly, leaving the currency -13% behind on its weekly chart.
In addition, ZCash acquired an unexpected spike against the odds, rising up to take over the spot of the 20th largest currency from Dogecoin in a single day bull run while the majority of top currencies including DOGE kept declining.
However, the market is seen in a massive rebound once again, so DOGE is able to acquire a set of 5% of rises in the last 24 hours. But, since ZCash is still rising, DOGE is still not able to get back to its previously held ranking.
What might be the main reason for the last decline of Dogecoin is the statement from one of the core devs announcing that some of the questions in the submission form for Coinbase listing do not apply to what Dogecoin represents.
The disappointment of new investors might have appeared with the above-mentioned statement although the team added that they will continue trying to apply for getting a listing on Dogecoin, which might have affected the price.
However, DOGE is still has a healthy pace of growth which might help it recover, altogether with the fact that DOGE is still showing nearly 95% of rises in the last two months as well as over 300% on a YTD chart.
Dogecoin Now Accepted as a Stake for Loans on SALT
One of the reasons that might indicate a swell comeback of Dogecoin similar to the spike we have seen during the last day of August as well as the beginning weeks of September is the announcement that DOGE is now accepted on SALT.
SALT actually represents lending services, which has by far loaned around 50 million dollars in cryptocurrencies, which is especially useful for traders and investors looking to liquidate their portfolios.
The fact that besides Dogecoin, SALT only accepts Ethereum (ETH), Bitcoin (BTC), and Litecoin (LTC) as collaterals is flattering enough for Dogecoin, also posing as a potential factor that could indicate price pumps and the increased demand for DOGE in the long-run, which makes it one of the reasons why the recent dip of DOGE might be only a short-term case.
To honor the most recently added collateral that the iconic Shiba Inu coin represents, SALT Lending even changed their profile picture on Twitter, adding to the general significance of this listing.
Even if today’s market trend decided to turn bearish on the cryptocurrencies, the chances are that DOGE will be able to acquire an individual spike against the fiat in case the trend of having DOGE as a lending collateral on SALT starts to catch on.