Dogecoin (DOGE), like all other cryptos, is on an uptrend today. Though the gains are marginal, there is much needed green in the market, as Bitcoin (BTC) holds steady above $5200. For Dogecoin, which started the month of April on a high note, things are looking even better as more exchanges are now listing it. The latest of them is CoinAll. While it’s not at the same level as Binance, Coinbase or any of the other major exchanges, it definitely adds to the volumes traded of Dogecoin, and that’s a plus in its long-term growth.
For starters, it makes Dogecoin (DOGE) accessible to more investors. With every additional exchange that adds Dogecoin (DOGE), the number of investors trading it grows too. This will add to the demand for Dogecoin (DOGE) in the long run. Over time, this will play a role in supporting the value of Dogecoin (DOGE). It will be especially crucial once bulls take full control of the market, Dogecoin’s accessibility through a higher number of exchanges will play a role in pushing up its demand. This could see it test new highs, beating the prices it attained in 2017. In 2017, Dogecoin wasn’t available on as many exchanges as it is today. In essence, with the higher levels of volumes, demand could push it to new highs.
Secondly, as volumes for Dogecoin rise with more exchange listings, it will be less susceptible to pump and dump schemes. That’s because, with more players in the market, Dogecoin (DOGE), volumes will be higher too, and pump and dump manipulation schemes will be more expensive. With less pump and dumps, Dogecoin (DOGE)’s price will be more stable and that’s good to adoption. That’ because, one of the reasons why merchants have been slow to adopt crypto is due to its susceptibility to massive price fluctuations. It is not practical for a merchant to transact in a currency that can lose up to 20% of its value in a day.
So far, Dogecoin (DOGE) has been one of the most stable, and with its growing exchange adoption, this stability will grow as well, making it one of the cryptos with the highest potential for mass adoption. Already the number of merchants adopting Dogecoin (DOGE) is higher than most altcoins, and it stands to keep growing.
As such, from an investor standpoint, Dogecoin (DOGE) is one of the cryptos that make sense to hold for the long haul. It is often dismissed as a joke for having an extremely high supply. Nonetheless, it has held on to its value for quite some time now. That’s because, it has utility, and that is what gives value, not the number of coins in circulation.
This utility is growing, as more merchants adopt Dogecoin. As such, investors can be sure that Dogecoin’s core value will stay on a growth path. The future of Dogecoin as an investment is good, and will only get better with time. It has been around for years, and there are no indicators that it is going anywhere anytime soon.