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Dogecoin entry in to the cryptocurrency marker was seen as a diversion from the serious looking coins like Bitcoin and Ethereum. The coin has been making inroads in the market despite that fact that for more than a year, there are no tangible developments on the Dogecoin network. The code has not been changes since October last year and contributions from the community have stopped.
The coin presence in the market to date shows the potential of the outfit; if only the community can rise up to the occasion as salvage what is left. Since the departure of the original creator, Jackson Palmer, adoption has been on the decline and the volumes are skydiving as well. The community of Shibes has been running the show and Palmer was quoted recently as saying:
“New features aren’t being implemented into Dogecoin because there’s no active development anymore. Eventually, it will become outdated. And with that, the network will organically wind down.”
With the popularity drain taking a toll on the community, many have moved on to better things and have left the platform which clearly reflects on its current performance in the market. According to Palmer:
“A lot of people that cut their teeth on Dogecoin have moved on to bigger and better things, most of those people have migrated to platforms like Ethereum.”
Compared to other Altcoins, Dogecoin is very healthy. The only problem is their new mining power is online and this has made the ecosystems’ hash rate keeps going up as per the BitInfoCharts reports. This could be a problem to the platform given that Dogecoin and Litecoin have merge-mine and LTC hash power offers DOGE a secure platform to ride on.
Dogecoin mining has over the years proved unprofitable and much of the current miners are from Litecoin. With the drop of DOGE price, the rewards have gone down and this has seen many miners move on in search of greener pastures. By looking at the historical price of the coin, it is easy to tell why investor interest is at all-time low.
The daily volumes of the platform have a sad story to tell. The close-knit Dogecoin community appears to be happy with daily trade volumes of $ 4million on bad days to 8million when the market is at peak. As a volunteer development platform, this is good enough but the potential is huge.
Ross Nicoll, a member of the Dogecoin development team and a software developer at blockchain consortium R3 says of the project:
“It’s a DIY project for us, a hobby just to pick at every now and then.”
The developer gives the community hopes by saying that plan are underway to take some time off and concentrate on upgrading the Dogecoin platform. If this works out, Dogecoin will become of the most valuable digital assets in the future and this could explain DOGE diehard holders have stayed put this long.
As the crypto market keeps fluctuating ushering the worst gain-shedding period this year, Dogecoin (DOGE) is keeping investors in suspense. After the DOGE price hit a high of $0.00164 on January 10, the price has been on the down trend. This trend appears to be headed for a reversal and this will set the stage for a bull run.
However, the current pull back might not have a huge impact on the value; the price is set to stabilize before the value increases. Less traction is expected given that the market is has been highly volatile since the beginning of July. This is an opportune time to stake on the coin for the long term gains if the coin gains support in the weakening market.
The DOGE coin was trading $ 0.002429 at press time indicating a drop of 3.82% against the dollar and 1.36% to Bitcoin. Contrary to popular belief, DOGE is shedding the joke coin tag and giving major players a run for their money. The coin is now ranked 35th in terms of value with a market cap of $280.9million.
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