Why Is Dogecoin Surging?
According to reports, a bear run that had gripped the sector has lost its momentum. Dogecoin (DOGE) is one of the Altcoins that is flying high, amidst improving sentiments in the sector. The cryptocurrency is up by more than 100% for the month. The digital asset is backed by an active community. That community is likely responsible for it edging higher in the currenct market environment. The altcoin has risen after the filing of a petition asking Amazon to accept it as a form payment. The petition on Change.org has already attracted over 17,000 signatures and is growing steadily.
Amazon accepting DOGE payments would be a big ideal for an altcoin of such stature. While it may seem like a long shot, it is not impossible. Currently, there are a number of mainstream e-commerce platforms which accept crypto payments. Overstock.com is one platform that has already made inroads into the cryptocurrency arena. Expectations are high that Amazon will one day add support for cryptocurrency payments. However, the big question is whether it will opt for a smaller altcoin of DOGE’s stature as opposed to going for the likes of Bitcoin (BTC) and Bitcoin cash (BCH).
While Dogecoin is currently trading at the $0.006 mark (after a plunge to the $0.002 handle) it is still a shadow of its past. For instance, the crypto touched record highs of $0.0175 at the start of the year and commanded a market value of over $2 billion.
A change of sentiments in the cryptocurrency space has seen it shed more than 70% of market value after a massive bull run. However, Dogecoin not the only altcoin which has felt the full force of short sellers. The Likes of Bitcoin Cash and Ethereum (ETH) have also experienced double-digit percentage slump. Observers believe that calmness is slowly returning as all the major cryptocurrencies start to trade higher. DOGE is one of the Altcoins that has gained big on investors flocking back into the market on higher trading volumes.
Dogecoin trading volumes in recent weeks has surpassed that of Litecoin (LTC) and Bitcoin Cash. Amidst the considerable trading volumes, DOGE remains a speculative asset. Its low price compared to that of other cryptocurrencies is down to its limited supply. A spike in trading volume, as well as price in recent weeks, has evoked suggestions that Binance could list the Altcoin. Listing on Binance would be a milestone achievement that would lend support to the altcoin’s credentials. However, there are a number of issues which need addressing for Dogecoin to become a household name in the sector.