The cryptocurrency market has been on a roller coaster for the past few months. The latest pump is of DOGE, which increased in value by over $160 million USD in just three days. Why did this happen? It turns out that Shibes are getting some help from smart money with an investment of over $160 million dollars coming into the project recently.
Let’s start by looking at where it all began. Dogecoin was first started as a parody coin, but it very quickly turned into something more than that. It has become an internet phenomenon with its own community of users who interact with each other on Reddit and Twitter, among other platforms. People have even made entire websites just to explain the Doge.
More recently, the project got another huge bump when Ethereum founder Vitalik Buterin said that he would like to see more collaboration between the Ethereum and Dogecoin communities . This bump was backed by significant investment into the ecosystem spearheaded by China’s leading bitcoin exchange BTC38 which added 300 million DOGE to its platform.
Since then, Dogecoin has seen its price rise from about 70 satoshis to over 165 satoshis in the past three days .
What’s next for Doge? The project is well-positioned to take advantage of some major upcoming changes and updates that will be taking place on the digital currency market. One of the biggest upcoming events that will change things is Rootstock’s launch of Smart Contracts on December 2.
While there are a few other altcoins that also have smart contracts, Dogecoin makes use of Ethereum technology which means it’ll be easier for developers to build smart contract applications. This could increase its value not just as a digital currency but as a development platform as well.
Furthermore, the project is also testing out ChainTip which will allow users to tip others with Dogecoin over Twitter . This could help increase awareness and adoption of Dogecoin since people will see it as an easily accessible way to send money online, just like bitcoin.
Dogecoin has been criticized in the past for having a lack of innovation , but the coin has managed to stay relevant by being an early adopter of Bitcoin technology. With its future looking brighter than ever, now might just be the perfect time to invest in this meme-turned-cryptocurrency.
Dogecoin isn’t the only cryptocurrency that has gotten a boost recently. Reddcoin has also seen its value rise significantly over the past few weeks even though it’s market cap is still relatively low compared to other cryptocurrencies.