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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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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