Dogecoin Sustains Growth: 108% Over Two Weeks: Poloniex Adds USDT Pair

Dogecoin

Dogecoin (DOGE) has continued its bullish trend of the past few days with 44% gains for Friday the 31st, and 108% growth over the two week period. Today’s peak of $0.004467 hasn’t been reached since May 20th, as DOGE rides the waves of a three-month high.

Dogecoin’s Two Week Rise

Dogecoin has been on the march since August 14th when the market dip which commenced at the start of August reached its bottom. Bitcoin’s bottom at that time was $5,984, and at just over $7,000 at the time of writing, has gained 17% in the intervening period.

Dogecoin meanwhile was priced at $0.002143 at on August 14th, and in just over two weeks since then surged 108% to a coin price of $0.004467. That’s higher than the coin price reached even during the spike of mid-July, and there are few, if any, coins or tokens out there that have made such a recovery.

Twenty-four hour gains today are just as impressive, with a 44% price boost over the course of the day, giving Dogecoin a return to the news headlines after months of obscurity.

As covered here yesterday, Doge’s trade volumes saw a considerable boost on the day of August 30th. But those trades have continued to grow into today, rising from $30 million to just over $60 million. Yesterday’s 600% boost to trades pales in comparison to the 2,819% seen over the two week period in question.

Poloniex Adds DOGE/USDT Pair

The addition of the DOGE/USDT pair on Poloniex earlier today hasn’t made itself felt as much as expected. Dogecoin is the most traded coin on Poloniex today, but with BTC rather than Tether. DOGE/USDT trades on Poloniex account for just over $50,000 of the daily total, while DOGE/BTC makes up 25% of all Poloniex trades.

Of all the coins newly paired with USDT – Ox (ZRX), Golem (GNT), Siacoin (SIA) and Lisk (LSK), only Ox appears to have benefitted from the pairing, with $160,000 worth of trades coming within the last day. Some of those coins have surged upwards today, not least Golem (13%), but USDT hasn’t been involved.

As per the Poloniex blog post which announced the listings, the additions of the pairs were at the behest of community members:

“While we continue to focus on improving the performance of Poloniex and bringing a curated set of assets to the exchange, we also attempt to implement the top requests of our customers and project developers where possible. In this spirit, we are enabling a new set of USDT trading pairs for some of our currently-listed assets, beginning with 0x (ZRX), Lisk (LSK), Dogecoin (DOGE), Golem (GNT), and Siacoin (SIA).”

Featured image courtesy of Shutterstock. 

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