It might have started as a bit of a joke, but Dogecoin now represents something much bigger. The cutesy looking coin has been on a meteoric rise as of late, to the point where it almost appears as if the token is unstoppable. Last week, when the market experienced a hard drop, Dogecoin stood firm, more or less holding its value. As last week ended, we saw Dogecoin surge by more than 6%, hitting $0.005. This lightning quick boost sent Dogecoin up the CoinMarketCap rankings, breaking into the top 20. Dogecoin currently sits in that same spot today – September 11th – with a very healthy $0.006 value.
This DOGE is Barking
If you journey back a month, this level of rise would have been almost unimaginable. Dogecoin was hovering between 34th and 32nd on the rankings, with there being little encouragement to signal that it was going to improve on that position. The top 20 seemed to be completely out of reach, with the top 10 being even further away. Yet, over the past two weeks, several factors have changed, which means that the potential for Dogecoin to break into the top 10 is now more apparent than ever.
An Entirely Different Perspective
Looking at the obvious, Dogecoin is experiencing something of an image overhaul. As mentioned above, it was seen as a joke initially, with its founders not even taking the coin all that seriously. However, as time has gone by, investors have slowly begun to understand and praise its fundamentals as a cryptocurrency. Dogecoin is now quite rightfully seen as one of the most usable and practical cryptos around. Even in the wake of what has been labelled as the “Altcoin Apocalypse,” Dogecoin didn’t wilt while other coins were exposed for carrying a high risk of capitulation. Only true, tried, and tested Blockchains will survive over the long-term, something that Dogecoin is built upon.
Easy of Use
Practicality is another positive that’s giving Dogecoin a noticeable edge over its rivals. As a payment method, the crypto proves to be low cost, secure, and fast, which makes it perfect for transactions. While it’s not exactly going to be the coin to replace fiat payments anytime soon – this would be an unrealistic expectation – its functionality has certainly helped spark investor interest. Dogecoin will only receive more acclaim for its payment power in the near future, especially when you consider how easy it is to use.
Embracing Positive Press
It’s been said that positive publicity can go a long way, with Dogecoin receiving more than its fair share of this lately. Exchanges now feel incentivized to list Dogecoin, as the positive press continues to stream in. This has led to new listings being met with cheers, as the interest in Dogecoin continues to grow. It isn’t just within the world’s exchanges where Dogecoin acceptance is triggering praise. Brands and stores are now also warming up to Dogecoin. Just look at BitStarz, the world’s leading cryptocurrency casino has seen an influx of players since opening its doors to DOGE, as many have lined up to spend Dogecoin on some of the best casino games around.
The Day of the DOGE!
Dogecoin might not seem like it has the power to shake up the cryptocurrency market, but don’t judge this coin by its cutesy appearance alone. DOGE is the real deal and its current rise could very well provide us with a glimpse of how the CoinMarketCap rankings will look in the future. As the pack shuffles when it comes to the top 100 cryptocurrencies, low-end and questionable coins will fall, while coins with real-world functions like Dogecoin will likely go from strength to strength.