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Dogecoin [DOGE] spikes up by 22% with the launch of upcoming ‘Dogethereum’

Laira Rebecca

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Dogecoin [DOGE] spikes up by 22% with the launch of 'Dogethereum' nearing
Source: Pixabay

The volatility in the cryptocurrency market continues since July 2018 when Bitcoin [BTC] fell below the $8,000 mark. The month of August has witnessed the market king’s turbulent history, wherein BTC continuously swung between $5,900 and $8,000. At the time of writing, BTC is trading at $6,927 with a market cap of $119 billion. Yesterday [29th August], the price of the coin had closed at $7,047 and has been moving towards the bearish end since then.

Following Bitcoin’s trend, the altcoins in the market are also depicting a bearish trend in the past 24-hours, IOTA [MIOTA] being the biggest loser in the top-10 with a 13.27% decline. However, Dogecoin [DOGE] has shown a significant spike in the past 24-hours with an increase of 22.37%.

Comparing the price charts of the coin in the past week, on 23rd August, DOGE was trading at its lowest value of $0.0023 with a market cap of $276 million. The coin has shown a slight progress over the week and reached $0.0026 as of 29th August. However, this morning saw a sudden spike in DOGE’s price and the value has spiked up to $0.0032 at 7.30 AM UTC.

The development updates of the upcoming ‘Dogethereum’ smart contract has been circulating around various social media platforms for quite a long time. The main goal of the smart contract is to create a bridge between DOGE and the Ethereum network by enabling the transfer of DOGE on the Ethereum chain.

Alex Van De Sande, a core member of the Ethereum Foundation recently tweeted:

“The Dogethereum team is still working hard on the bounty, and now they will present work in order to reach a new milestone for 746 ether. All information is being made public beforehand so the public and the judges can make a decision”

The Alpha version of the project was released on 18th August after its development phase of long 13 months. On 5th September, the first demo of the bridge will be executed by the team, states a Medium blog released by the Dogethereum team. The team is currently working on improving the user experience level of the project.

DOGE/BTC on Poloniex | Source: Tradingview

DOGE/BTC on Poloniex | Source: Tradingview

At press time, DOGE is trading at $0.0030. The coin is currently at the 28th position and has been traded the most on Gate.io with DOGE/USDT trading pair and 24-hour volume of $8,027,713. Poloniex stands 2nd with DOGE/BTC trading pair.

Cynthia Troyer, a cryptocurrency enthusiast says:

#dogecoin – up up and away!!”

J-Breezy, a Twitter user says:

” kind of want to stay up all night to see how high #dogecoin gets”

Another Twitter user named DogeSwag says:

“The very perfect mug for Holding  while heading to the moon #dogecoin



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Laira is a full-time writer at AMBCrypto. She is a Computer Science graduate and she has about 1-year experience in writing. Her enthusiasm and keen interest in developing her knowledge about blockchain and cryptocurrency led her to be a part of AMBCrypto. She currently does not hold any value in cryptocurrency or its projects.

Altcoins

Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency fails to climb on the bull after price stays locked down

Akash Anand

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Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency fails to climb the bull after price stay locked down
Source: Unsplash

The cryptocurrency market’s bearish woes do not seem to have waned with several popular coins seeing a continuous price downturn. Bitcoin [BTC], XRP, and Ethereum [ETH] have only enjoyed sporadic bullish spikes with a definite control being exerted by the bear.

1-hour

The one-hour BTC chart shows the gradual drop in prices. The support has been holding at $3214.17 while the resistance is maintained at $4160.21. The recent downtrend took the prices down from $3558.58 to $3367.97.

The Relative Strength Index shows a slight spike towards the overbought zone. This means that the buying pressure is increasing slightly more than the selling pressure.

The Bollinger band shows a clear divergence with the upper band and the lower band indicating an imminent sideways price movement.

The Parabolic SAR has been predominantly bearish with the markers staying above the markers. At the time, the SAR indicators were below the price candles which is a bullish sign.

1-day

The one-day chart for Bitcoin does not paint a better picture for the cryptocurrency with no uptrends in sight. The long-term support has been holding at3346.6 while the recent downtrend saw the price fall from $6262.97 to $3408.

The MACD indicator shows the MACD line and the signal line moving as a conjoined pair. Other than the bearish dip, the MACD histogram has been undergoing a lull.

The Chaikin Money Flow indicator is just below the zero line, which is a sign of the money flowing out of the market being more than the money coming into the market.

Conclusion

The above-mentioned indicators all point to an extended bear run with the prices still being clamped below the $4000 mark. With the year coming to a close, the predicted bull run does not seem to be occurring anytime soon.

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Binance Coin [BNB] takes off by 11.31%; ERC20 uniswap bug affecting BNB users, but CZ says funds are SAFU

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Binance Coin [BNB] takes off by 11.31%; ERC20 uniswap bug affecting BNB users, but CZ says funds are SAFU
Source: Unsplash

Binance Coin [BNB], in the 24-hour time frame, has spiked by a massive 11.31% leaving other Bitcoin [BTC], Ethereum [ETH], XRP, and other cryptocurrencies to eat dust amid the doom-December.

In the 24-hour time frame, the BNB coin started trading at $4.63 with a market cap of $605 million on December 11, 16:30 UTC. The price dipped to $4.59 within a couple of hours but didn’t stay there for long as the prices saw four significant spikes.

Source: CoinMarketCap

The first spike propelled the price to $4.90 while market cap increased by $34 million, this was followed by a correction of prices to $4.83.

The prices couldn’t reach the $5 mark as the prices exhausted at $4.97. The third spike which was followed after the correction also lost the strength and ended up at $4.97.

The most significant rise was the one that took place on December 12, 16:10 UTC which propelled the prices beyond the $5 mark as it reached $5.15. The market cap also took a huge bump and reached $675 million.

The price fluctuation could be attributed to two reasons, the first being the launch of Binance DEX, which will swap the ERC20 token, BNB from Ethereum platform to Binance blockchain, which was announced by Binance and CZ.

It could also be due to a bug that was tweeted out by a Twitter user Uniswap.

The tweet stated:

“1/ WARNING: BNB providers

Due to a bug in the binance BNB contract it’s possible to add liquidity to the Uniswap BNB<>ETH liquidity pool but not remove it.

This bug is a variation on the “missing return value” ERC20 bug which affects several tokens.”

CZ replied to this tweet:

“Nothing new here. If you send token to a contract address, you won’t get it back. Just like if you send tokens to an address you don’t control for no reason, or a (valid formatted) address no one controls, you won’t have a way to get it back.”

CZ eventually being the humble person he is, tweeted out saying that people who had lost tokens due to this would recieve BNB from Binance.

CZ replied in subsequent tweets about this bug.

“Protecting users is not just talk. It requires action. Stay #SAFU!”

“One guy actually made quite a bit of profit out of his honest mistake. He sent it when it was cheap, and got it back when it was a big multiple.”

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