If you haven’t already heard, the internet’s most entertaining crypto is now featured on Binance. Dogecoin was created in the spirit of fun and fun is what it is having. Using an internet meme as a mascot, many have failed to take Dogecoin seriously over the years. However, the coin has been enjoying a surge in interest and popularity unlike anything that we have seen for this crypto.
Sudden Value Hike
In just a few short days, Dogecoin has surged to an impressive 32% increase. The reason behind the sudden interest largely comes down to a statement made by the famous CEO, Elon Musk, where he describes the coin as being ‘pretty cool’.
Musk’s backing isn’t the only reason, however. Another event that has spurred the jump in value for Dogecoin is the announcement from the world’s largest cryptocurrency trading platform, Binance, that Dogecoin would be made available on their trading network. Apparently, the announcement reflected interest in the coin that was little known throughout the crypto world.
What is Dogecoin?
Based on Ethereum, the peer-to-peer cryptocurrency is intended for digital payments over the internet. It was created back in 2013 making it one of the world’s oldest crypto assets, yet many still have not heard of it. The reason? In short, it is because a dedicated following has used the coin amongst themselves without making much noise about it. Followers like Elon Musk, John McAfee, and others certainly make a strong case for Dogecoin.
Dogecoin in Numbers
Looking at the numbers for Dogecoin, we can see why people are getting excited about this blockchain and why it might be a wises idea to keep an eye on its movements.
There is currently a market cap on the coin set at $437,723,268 which is part of the reason Dogecoin is listed as one of the largest coins on the market. The coin is currently ranked at 29 among all other digital assets, but we wouldn’t be surprised to see that ranking climb in coming months.
One thing to keep in mind when considering the similarities and differences with Ethereum is that the market cap is locked in place as it is with Ethereum. With more than 120 billion dogecoins in circulation, the digital coin could certainly become a serious player should demand continue to increase.
Demand for the Doge
Demand, it would seem, is there. Trading at a volume of nearly half a million USD daily since Binance’s announcement to list the sleeping coin, it is clear there is substantial movement of this coin throughout the community. Movement that could very well spur another surge in the coming weeks.
For anyone who has been with Dogecoin since its inception, the 551% ROI is certainly reason to stick with the project.
There are plenty of cryptocurrency casinos out there that are accepting DOGE coin as a payment method and this one reason that could be behind its popularity as casino players are able to use the currency to play slots and other games that allow DOGE as the currency to be played. With its low value per DOGE coin, players can bet on the slot using MAX BET and not risk losing a huge amount of cash should they go on a downswing.
Other uses for DOGE are more simple as the currency is used for money transfers – especially borderless money transfers! People can change their fiat into DOGE, then send their DOGE via the decentralized (peer-to-peer) ecosystem at a lightning speed. The receiver can then store their DOGE change it into fiat currency, or exchange it into another cryptocurrency. With low fees compared to Bitcoin and other digital currencies involved in the transaction and because the network is not overly well-known, many people prefer DOGE to send money.
Should you run out and buy as many Dogecoins as possible? Perhaps. Clearly, the digital asset as enjoyed time in the limelight over the past few days, but there is still too much of a grey area to feel completely confident in the project. Listing Dogecoin on Binance and getting A+ reviews from top names in tech certainly helps Doge’s case. However, until more investors come in to really take the coin to the next level we may not see another surge like the 32% we have just seen.