Coinbase wallet, the American crypto giant, officially added support for Dogecoin (DOGE) to its platform according to an announcement published yesterday which we are reading more about in the latest cryptocurrency news.
The announcement points out that the users are now able to store their DOGE altcoins directly onto the Coinbase wallet app. The coin is now among the other popular cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), bitcoin cash (BCH), Ripple (XRP) and Stellar Lumens (XLM). The wallet also offers support for the DOGE testnet.
The inventor of the dogecoin Jackson Palmer invented the token initially as a part of a joke but it later gained attention from the crypto community and became the users’ favorite. In September 2018, the CEO of SpaceX Elon Musk who is also the CEO of Tesla asked Palmer to combat crypto scamming on Twitter and he decided to send Musk a script on how to solve the problem including the usage of his digital asset.
As reported in the altcoin news, Dogecoin is now 27th largest cryptocurrency according to CoinMarketCap and is trading around $0.002. The digital asset managed to increase up to 3 percent over the past 24 hours. The market cap of the altcoin is around $309 million while its daily trading volume reaches a point of $33.8 million.
Back in March, the Coinbase Wallet app introduced by Coinbase provided its users with a direct link to the main platform. The wallet can now be connected on the accounts on the main platform for quick transfers to the wallet.
As previously reported, Coinbase Wallet introduced back in April 2018 a rebranding process for the company’s open source decentralized app (dApp) wallet and browser are known as Toshi. The rebranded Toshi had a few new features from the main app Coinbase.com and was aiming to provide better security and more transparency. Coinbase wallet lets users store their private keys on the devices but also allows them to buy and store crypto-collectibles by using the Dapps and receive tokens from initial coin offerings (ICOs). The company also announced that the users can back up their private keys on the cloud storage which is now Google Drive or iCloud to which the crypto community didn’t act so well.
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DogeCoin Proves Store Of Value Properties Beating Other Altcoins
“Their price chart has a measurable half-life, like radioactive decay. Plotted on a log chart, it's a straight line down,” he explained by giving Namecoin (NMC) as an example.On the other hand, there are only a few Oscillators and one of the most surprising examples of such a coin is Dogecoin (DOGE). The cryptocurrency was made as a joke and is now ranked at number 30 by its market capitalization and is considered as an Oscillator. Woo says that Dogecoin proves the store of value properties and to qualify, the coins have to keep up with Bitcoin/USD gains. In order to find oscillators, the coin has to oscillate around a horizontal line for at least one full bull-bear cycle which is around every four years but more than one cycle is better.One doesn’t need a lot of innovation and technology to build value in a coin according to Woo. He says that ‘these are monetary instruments, they build value with economic network effects’ and he finds Dogecoin as an example of an altcoin with no significant technology or smart contracts and it has not also some of the major issues in the crypto and blockchain world.However, the researcher believes that Dogecoin achieved SoV properties due to the Lindy Effect and this one of the more interesting things that you will come across in everyday life wherever you turn. This means that the future life expectancy of a non-perishable thing is proportional to the current age and the mortality rate decreases with time. Furthermore, DOGE is listed on almost all of the exchanges and supported by most wallets.
Favorite Meme-Coin DogeCoin Gets Listed On Binance US
‘’We will list Dogecoin (DOGE). Trading for the DOGE/USDT trading pair will open on October 24, 2019, at 9:00pm EST / 6:00pm PST. Users can now start depositing DOGE in preparation for trading. Please note: DOGE is temporarily only available for deposits. Withdrawals will not be enabled until trading is live.’’Binance U.S. is a very efficient marketplace that aims to provide access and trading across a diverse selection of digital assets. The crypto exchange also announced that they will be evaluating coins, tokens and trading pairs to offer on the US platform in accordance with our Digital Asset Risk Assessment Framework, community feedback, and of course, the market demand.Before the news about Binance America hitting new records, we saw that the exchange launched its Bitcoin futures and with that hit a $700 million record as other platforms saw lackluster activity. Binance has also launched support for two cryptocurrency assets: IOTA (MIOTA) and Binance USD (BUSD). It seems like the crypto exchange giant is actively pushing more and more coins to its database and even more, coins are expected in the near future.
Dogecoin Surged 40% After Binance Exchange Listing
‘’This one is an exception, as there isn't much new tech development (I guess it was never about the tech for this one). The users/community is large, and a famous "ex-CEO" (cough @elonmusk) helps!’’Right after Musk’s famous comment, Coinbase added Dogecoin and made it accessible for all crypto newbies and experienced traders which further validated the coin’s legitimacy. The price did, however, drop from its high of $0.045 to $0.0035 but the Google searches for the coin spiked and news erupted in almost every crypto media outlet out there. The real question is whether this media attention helped dogecoin or injured the cryptocurrency and the entire economy. The crypto universe is still relatively small so any media attention is deemed useful for gaining traction for new users. This is why Dogecoin’s history behind it should not make a difference in terms of the current value.Cryptokitties for example also showed that the blockchain technology can be used to create games and apps so no matter the reason for its creation, it still has a huge impact on developers and investors and increased the drive towards mass crypto adoption. Despite the current use of Dogecoin in tipping and micropayments, it is still relatively hard for the cryptocurrency to grow out of the name it created for itself. The coin is still perceived as a joke and this doesn’t really help it become the worthy leader for the greater crypto economy. The current listing is still not enough for some investors to be reassured of the fears that burden cryptocurrencies such as volatility, security and headline risks.As noted in the altcoin news previously, some speculated that dogecoin and other projects will help the crypto economy in the long run towards mass adoption.
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