The Dogecoin community recently celebrated the network’s 5th birthday. The 5-year anniversary comes after Bitcoin (BTC) celebrated its 10-year anniversary since the Satoshi white paper was released. The community celebrated the occasion with a giveaway that gave the users an opportunity to “Win 1 of 50 Steam Keys for the only game on Steam including #Dogecoin “Montaro”, provided by @Montaro2016.”
In the wake of the celebration, Dogecoin has once again proved to the market that it has the ability to defy the general trend in the market. This quality of Dogecoin has won the hearts of investors in the past. While Bitcoin price continues to test the lows traded in November 2018, Dogecoin has become the altcoins’ recovery leader showing potential for bullish moves at the time of writing.
The simple appearance of Dogecoin (memefied) is a quality that has made the token not only attractive to users but also preferable. Since January 2018, the token value has performed considerably well even in those times legacy coins like Bitcoin and Ethereum are making huge losses. It is a token that choses its own path and is not defined by the general market trend.
Recent Price Action
The price broke above the one-week descending trendline. This move put to a halt the three-day range in turn paving the way for DOGE/USD to pull up and test the resistance at $0.0024. Dogecoin is currently exchanging at $0.0021. It is up 6.4% in the last 24 hours with a trading volume of $12 million. The volume has corrected higher following a slide below $10 million a couple of days ago. Dogecoin is ranked 22nd in the market with a market capitalization of $275 million. According to the data on Blockmodo, the token’s capitalization has remained stable above $250 million after the drop below $300 million on November 18.
The success of Dogecoin in the market is mainly linked to the ability of the network to work as a bridge between the Ethereum ecosystem and the Dogecoin chain. This seamless connection was first mentioned in August and is used for value transmission between the protocols. The team at Dogecoin constantly work to ensure that the utilities of the token are increasing while remaining smart contract flexible.
In other news, the founder of Dogecoin, Jackson Palmer has recently taken action against the XRP community by introducing a script that blocks all the XRP dedicated followers. The action comes after the XRP community trolled him on Twitter for his undesirable comments on Ripple. The followers of XRP reacted to the comments bashing Palmer while tagging him in their comments. He resolved to create a script that disables the tagging feature. The script is referred to as ‘XRP Away.’ The script had been developed to help the billionaire Elon Musk curb negative comments directed to his twitter account. One of the negative comments directed at the founder of Dogecoin states:
“hey @ummjackson why are you such a schmuck? you create Dogecoin, sold it all before it “mooned” so you’re still broke living in your mom’s basement, and now talking shit about XRP/Ripple fam as if we “manipulate twitter” and compare us to a MLM pyramid scheme?”
However, Palmer has remained calm in the entire situation while coming up with a solution to the problem. Palmer told his followers:
“Make sure you don’t reply to or mention me if you have “XRP” in your profile name, handle or bio. Because this will block you. Signal to noise ratio has already improved greatly.”
While all the comments mentioning XRP are blocked, users who use the script will still have the ability to view posts related to XRP.