Dogecoin: Joke or Trend-Setter?

Dogecoin (DOGE) was once, and still is, considered a joke currency by many in the blockchain and crypto community. But while the coin’s origins as a meme lend some truth to that viewpoint, the performance of DOGE over the last month or so is forcing a re-evaluation of what a successful cryptocurrency actually is.

DOGE Price Climbs Week on Week

From a valuation of $0.002300 on August 26th, DOGE has been strengthening against the U.S dollar ever since. Barring a blip on September 1st and 2nd, the coin price has climbed steadily upwards to today’s peak of $0.006290.

That’s 173% growth over fourteen days – a feat made even more miraculous by the fact that all of these DOGE buy orders have come right smack in the middle of one of the worst market dips of the year.

In the past seven days DOGE is up nearly 20% and is the best performer out of the market cap top one-hundred. In the same week Cardano (ADA) fell 28%, while Ethereum (ETH) fell over 32%. The same applies to the majority of the major altcoins, which despite their R&D departments, marketing teams and development funds have now been shown up by the meme coin.

DOGE/BTC and DOGE/USDT split the majority of the market today, each accounting for around 40% of the daily trade volume. Surprisingly for a coin as old and as known as DOGE, the currency still isn’t listed on Binance due to disagreements of principle between DOGE’s volunteer developers and the hoops that have to be jumped through to get a Binance listing (not least the fee).

DOGE Sets Trends

As covered on CCN earlier in the week, Dogecoin’s creator recently stated that the conversion to blockchain-based decentralized applications (dApps) we’re all waiting for might not be so easy in coming.

Jackson Palmer took to twitter to remind the crypto-sphere that a ‘build it and they’ll come’ attitude isn’t going to work in the crypto space. It’s one thing to produce new decentralized applications, but quite another to convince people to go through the drama of switching from their simple, easy and accessible centralized counterparts.

The general sentiment echoed here is likely true for the most part, but it is also one that is somewhat disproved by the success of Palmer’s own creation.

After all, Dogecoin didn’t have an ICO, airdrop or marketing push, and seems to be the very epitome of ‘build it and they will come’.

And they seem to be coming. Dogecoin was recently added to Yahoo Finance’s roster of tradeable cryptocurrencies along with Bitcoin, Litecoin and Ethereum. And Doge continues to compete with cryptos with much larger market caps when it comes to blockchain transaction volume.

Featured image courtesy of Shutterstock. 

Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.