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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.

Bitcoin

Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra

Febin Jose

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Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra
Source: Pixabay

Bitcoin [BTC], the world’s largest cryptocurrency, saw a significant surge earlier this month, helping the coin break strong resistance at $5,000 and $5,200. Following the great fall of the king coin in early 2018, the Bitcoin ecosystem was struggling with scalability and technological issues, eventually leading to the hard fork.

Bitcoin.org’s Cobra, who is also the co-owner of Bitcointalk.org, has always maintained that Bitcoin was the cryptocurrency to look out for through his various Twitter bouts with prominent personalities in the cryptoverse. Due to his strong, unbridled support for Bitcoin, he has often trashed altcoins for their low market dominance.

In a new Twitter thread, Cobra spoke about the “biggest threat” to the Bitcoin ecosystem. Even though many crypto-enthusiasts believe that governments and technological issues were the biggest threats to the king coin, Cobra had a completely different opinion.

According to the Bitcoin maximalist, users have the potential to signal Bitcoin’s doom. His tweet read,

Source: Twitter

Source: Twitter

Though most Bitcoin supporters usually support his opinions, this tweet was met with a lot of resistance. Twitterati swarmed the thread in an attempt to prove him wrong. A user named @MrHodl alleged that this could not be true as Bitcoin had “no community.” He added that this, in turn, prevented toxicity in the ecosystem.

Cobra replied to the tweet stating,



“I think there is a community, it’s just not fully representative of everyone with a stake in Bitcoin. Most holders are quiet and not too familiar with what’s going on. There’s people with 1000+ BTC and they don’t engage at all with discussion platforms, just lurk.”

Some Twitter users took it as an attack on Bitcoin investors and opposed Cobra’s stance. A user @CarstenBKK commented,

“Maybe I am lost in translation. What do you wanna tell us? That you are part of Bitcoin network of people owning/using it, but you are just disgusted by the idea, that the network is called community in the sense of direct human collaboration and affection to the groups ideals?”

Previously, Cobra had accused Twitter’s Jack Dorsey and Square Crypto of pandering to Bitcoin users, while also suggesting that the crypto project was merely a way to bring in more users for Dorsey’s CashApp. His tweet read,

“Gotta respect how hard @sqcrypto is pandering to Bitcoiners. Very clever how @Jack has embedded himself in the community; in return the community promotes @CashApp, which gives that service a small but dedicated and activist group of early users.”





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