Dogecoin surged by more than 40 percent after it was listed on the Binance exchange earlier today so in the latest cryptocurrency news, we read more about the price action of the coin.
Despite the sarcasm behind the creation of the coin, Dogecoin surged post-Binance listing. The technology behind the coin is legitimate despite being created just for fun. Nowadays, the coin is widely used across the community for tipping and micropayments and is even gaining more traction with the latest announcement. The major crypto exchange noted that Dogecoin will be available for trading and the CEO of the exchange Changpeng Zhao tweeted:
‘’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.
Dogecoin Developers Speak Publicly About Coinbase Listing & More
“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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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.
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