The bear market rally that affected the crypto market a few days ago is still holding the market back from resuming an uptrend. However, Dogecoin has been on a run all week and gained over 11% on September 5 when most coins lost over 10% in the bear market rally. Dogecoin [DOGE] has managed surpassed ZCash [ZEC] to replace the latter as the top 20 cryptocurrency. DOGE’s market cap is now at $636 million much above ZCash’s market cap which is traced at $592 million.
Dogecoin was trading at $0.0053 when the crypto market crash occurred. When the sellers took charge of the market the coin fell to trading at $0.0047. Later it rallied to $0.0054 but dipped again to $0.0048 and exhibited a brief consolidation phase. Finding support at $0.0048 the prices started rising steadily unlike other cryptocurrencies impacted by the bear storm.
Looking at the crypto market there are only a few altcoins trading in green. Among the top 20 coins, only Dash and Dogecoin are currently gaining in the market. Dogecoin has made substantial profits when a bleeding crypto market down by $12 billion in terms of market cap. DOGE has reaped over 120% amid the market dump becoming one of the few coins that have not been crippled by the bear market.
Speculations about DOGE’s price rise revolve around Dogethereum. Dogethereum seeks to bring dogecoin to the Ethereum blockchain to create a DOGE powered Ethereum token which will enable the use of Dogecoin with Ethereum smart contracts.
Dogecoin, a completely decentralized crypto was created as a joke coin through Reddit. However, the joke coin has turned into one of the most valuable coins in the crypto market hosting a wide web of talented developers and has already squeezed through cryptocurrency ranking to be the 20th top coin by market cap.
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