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Dogecoin [DOGE] roller-coaster goes back up to hangout above 5%

Priyamvada Singh

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Dogecoin [DOGE] roller-coaster goes back up to hangout above 5%
Source: Pixabay

Recently, Dogecoin entered the top-20 cryptocurrencies and replaced Zcash [ZEC] on the CoinMarketCap charts. The coin has been seeing a persistent bull run with minor downturns at the intervals. Despite the market depreciating lower, the 20th largest cryptocurrency in the world is enjoying the bull ride and is currently up by nearly 26% on the weekly chart.

At 7:00 PM UTC, Dogecoin was trading at a price of $0.0064 and soon rallied upward to gain a better momentum. At 1:00 AM UTC, the cryptocurrency was experiencing a huge hike in price with a 1-hour bullish candle that opened at $0.006765 and closed at $0.006833. However, in a matter of six hours, the price came crashing down $0.006192 with a market cap of around $719 million. At the time of writing, DOGE has been observed to go up by 5.10% and is trading at $0.00666 with a market cap of around $763 million.

Dogecoin 1h price chart | Source: Trading View

Dogecoin 1h price chart | Source: Trading View

The story of the upward rally of Dogecoin started when the news of the launch of Dogethereum smart contracts broke. With the launch of Dogethereum, the purpose of connecting the gap between Dogecoin and Ethereum’s blockchain is to to be fulfilled.

Following the overtake of Zcash, Dogecoin also touched the 18th rank on the charts 11th September [today]. The coin is being traded the most on Gate.io with the highest trading volume of $30 million in the past 24 hours, followed by ZB.COM and Poloniex where the trading volumes are at least above $10 million.



Just a week ago, Poloniex added the pair of Dogecoin with Tether [USDT], enabling both the communities to trade across the markets. Regarding the spike of his cryptocurrency, Jackson Palmer, the creator of Dogecoin expressed his views on Twitter. He wrote:

“Mentions get flooded like this every time the price of @dogecoin unsustainably spikes and I say “ha, that’s kind of dumb”. Might just start blocking these people. “

This was in response to a comment by a Twitter user. The user commented:

“Same dumb shit that had you create it now gtfo out the way as we pump this into the billions.”





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

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Altcoins

Rabobank announces plans to drop its crypto-project

Sarvesh Kumar

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Robobank to drop its plans of having their own crypto-wallet
Source: Pixabay

Rabobank, a bank based out of The Netherlands, has decided to drop their idea of creating their own native cryptocurrency called Rabobit. The bank had announced their cryptocurrency plans in February 2018. Rabobank was looking at closing the gap between banks and cryptocurrency wallets. However, they have taken this decision after exploring the field for more than a year.

According to a report by Hard Fork, a spokesperson from the bank said,

“After careful consideration with our customers in mind, we recently decided that now is not the time to develop the idea further and bring it to the next phase of innovation”

Their cryptocurrency idea was part of the Rabobank Moonshot program, which was looking at boosting innovation in Fintech services. The bank does not consider their research a waste, but the same has led to valuable insights and experience in general, the spokesperson added

The spokesperson also said,



“We have learned valuable lessons about our customers and the crypto market and on how to design blockchain and crypto applications.”

The spokesperson cited regulatory uncertainty as the reason why the Dutch institution pulled out of the project. Although the bank has dropped the idea, they will be keeping a tab on the market and the regulatory changes in the industry.

Rabobank is not the only bank to drop the idea of having a cryptocurrency wallet. Recently, ABN AMRO, another Dutch bank, also dropped their plans of “Wallie,” their own cryptocurrency wallet. The reason for their drop was also with respect to regulatory conditions in the industry.





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