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Coinbase Wallet Officially Adds Support For Dogecoin

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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.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Dogecoin News

Dogecoin MarketCap Increased By More Than $100 Million

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Dogecoin marketcap has increased as the price of the altcoin also increased from $0.02 at the start of January to as high as $0.0035 on February 8. The market cap climbed from the previous $244 million to $430 million which is a gain of about $186 million as we read more about it in the latest dogecoin news. Since then, the price of Dogecoin leveled off to $0.003 but is still up by 50 percent so far and the dogecoin marketcap is still well over $100 million. Dogecoin is in the middle of a rally and now we will see why this rally is happening and also learn more about the fundamental characteristics that give the altcoin a solid long term potential in the dogecoin news further. The current rally of the coin is apart from the broader crypto space rally which has been sparked by fears that the economy will slow down. DOGE gained value even much faster than Bitcoin with the price of DOGE relative to Bitcoin, increasing from 28 satoshis to 30 satoshis and in other words, it gained 7 percent relative to Bitcoin which is especially impressive if you consider how strong the Bitcoin market is. Bitcoin increased by 40 percent and gained more than $2,800 since the start of the year. It could seem surprising that DOGE has been gaining a lot against Bitcoin but it makes sense because of the solid fundamentals that DOGE has. DOGE is completely decentralized and there’s no premine nor developer fund which makes the coin market much healthier than other altcoins that have to deal with centralized dumping because of the premines. Also, it operates via the proof of work mining and therefore the altcoin is secured by a decentralized network of miners and nodes across the world with a high degree of decentralization. This ensures that DOGE cannot be changed without a mining consensus and the wallets cannot be frozen. Doge is an optimal cryptocurrency for tipping and the transaction fees are basically zero so a $1 tip will be more than 300 DOGE which means it’s 0.0001 BTC. If someone were to use $1 of Bitcoin, it will be wiped out by transaction fees so DOGE is perfect for micropayments compared to bitcoin.
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Dogecoin Bull Run Will Start In 2020 After The Flat 2019

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The Dogecoin bull run will start this year for sure after it had a pretty flat year in 2019 after attempting to match up with all the others market bulls during the bullish bias since mid-January of this year. In our Dogecoin news predictions, we read more about the price. The altcoin witnessed a major lack of momentum in 2019 and this year it is expected to improve. If we compare how the coin saw some huge escalations in price in 2017 and 2018, it is now the right time for a dogecoin bull run. Two years ago, the currency had seen an increase of 1481 percent before going on a falling wedge. The coin surged dramatically just before it entered 2018 and then the coin reached a high of $0.0144 with an escalation of 1076%. Dogecoin strongly pulled back to the $0.00333 and then started forming a few lower highs. Last year, the overall market saw quite a bit of uptrend but the currency was quite unaffected by it. since then, the coin got a lot of bearish pressure. Also, DOGE traced a head and shoulders pattern which shows a huge plunge as well. This year, the coin formed a few bullish candles and it is expected to shift its price trend upwards. According to the charts from yesterday, there is a gradual price rise for DOGE. The coin escalated by 9.09 percent before closing but today the coin has corrected down to $0.0024. The RSI of the coin is at 50 which shows no extremities while the MACD is about to have a major bullish crossover close to the zero-line. DOGE has been facing a lot of resistance above the $0.00254 price range and this stiff resistance can get cleared only if the coin maintains a steady uptrend. Previously, Dogecoin has been the first altcoin to post significant increases. Knowing that October ended in a positive note for Dogecoin as Binance announced the DOGE/USD listing, the price has been increasing. However, this was not necessarily because of the announcement. Dogecoin may be a token that will initiate a new altseason – and the price looks to have made a bottom as it is in the first stages of a new market cycle. A breakout from the 200-day moving average (MA) would confirm the trend.
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Dogecoin Sits At Historic Price Lows, Near-Term Reversal Is Likely

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Dogecoin sits at the historic price low but some of the indicators show that there could be near-term reversal coming our way as we are reading today in our dogecoin news update. DOGE was released in 2013 after it emerged from the effort to increase crypto adoption, understanding, and awareness. It was initially inspired by the Shiba Inu meme and created by Billy Markus with the help of Jackson Palmer who departed the project in 2015. DOGE has a coin supply of 123 billion and it was among the highest-circulating supplies among all of the coins, ranked at 31st place on the Brave New Coin market cap table. DOGE has a fixed block reward of 10,000 DOGE and a one minute block time that has no limit on the total number of coins created. The DOGE block height is now above 3,082,333 and inflation of about 4.08%. After the security concerns about the 51 percent attack in 2014, the creator of Litecoin Charlie Lee proposed a merge mining solution for both the coins. Merged mining allows for cryptocurrencies with the same consensus algorithm to be mined at the same time. In 2019, DOGE reached a record high of $3.27 billion in on-chain daily transaction volume and surpassed all of the coins that day with the exception of Bitcoin. The average transaction fees are now at $0.000289 and have been lower than BTC, BCH, LTC, and DASH. The 30-day Kalichkin network value to estimated on-chain daily transactions ratio is 100 and is still rising. An NVT below 30 would likely indicate organic and sustained bull market conditions. The NVT can be a leading indicator of a reversal in asset value. An uptrend in this indicator often suggests a coin that is overvalued based on economic activity. After being almost dead in 2014, Dogecoin sits at the lowest low despite being saved by the merged mining initiative with Litecoin. DOGE was created as a joke but it stood the test of time due to the enduring position of a mascot in the crypto community. The dedicated protocol development slowed to a halt while DOGE continues to serve as an important gateway for the curious crypto users. The technical analysis for DOGE/BTC market suggests a near-term reversal since the spot price has continued to grind the historic low for a few months. DOGE/BTC often performs the best when the BTC/USD pair enters a period of consolidation. Each rise in DOGE’s history was unable to consolidate further which led to a prolonged 200-day downtrend.
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Dogecoin Developers Speak Publicly About Coinbase Listing & More

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The well-known meme cryptocurrency which has been "endorsed" by a ton of big figures as well as the pop culture icons like Tesla's Elon Musk was very popular in 2019 but then entered a period of stagnation. Now, the Dogecoin developers decided to speak out and announce all the things that investors, traders and fans of the cryptocurrency were hoping to hear. As a reminder, the Dogecoin news in 2019 featured a highlight when DOGE received a listing on one of the biggest cryptocurrency platforms out there, Binance. This was a period when the price of the coin went up and when a lot of analysts hoped for listing on many other exchanges. The Dogecoin developers decided to address this topic and spoke on Blokt near the end of 2019, announcing whether a listing on Coinbase is likely to go ahead following the wallet app for the platform being made last May. In a full statement, they said:
“We’ve gone through the Coinbase listing documents, and they require a lot of structure we don’t have, so at the moment, it’s not on our roadmap. It’s an unfortunate situation that despite cryptocurrencies being designed to be decentralized, being an actually decentralized project seems to confuse a lot of companies in the space. That said, it would be great to see Dogecoin listed, and if we can help Coinbase with this, I’d love to hear from them. Obviously, Dogecoin is in the Coinbase Wallet app, and I’m hoping that’s a good sign.
The Dogecoin developers continued in the cryptonews and noted that the coin has "a fixed inflation rate of 5.256 billion newly created coins each year" saying that this is fundamentally core for the cryptocurrency.
"Many people miss that we’re not founders, and Dogecoin had no pre-mine, so the current developers have had no better opportunity than anyone else to stockpile. What I mean is if we were in this to make money, it would be much easier to work on a cryptocurrency that already has a profit model, than try reinventing Dogecoin,” they continued.
It will be very interesting to see what the Dogecoin developers will do in 2020 and how the cryptocurrency will focus on adoption and further popularization.
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