Dogecoin, a popular alternative cryptocurrency from the early days of crypto is finding new life during August 2018. Dogecoin has rallied from USD 0.0023 on 26 August to USD 0.0042 on 31 August, a massive 83% increase. This has mooned its CoinMarketCap ranking, it now sits at #23 with a market cap of USD 481 million, after being somewhere around #35 less than a week ago.
There are a couple of major developments in the Dogecoin world that is probably causing this rally. A partnership between Dogecoin and Ethereum has been announced, and this is being called Dogethereum. The developers of Dogecoin are creating Dogethereum with an Ethereum ERC-20 smart contract. Everyone who held Dogecoin at the time Dogethereum was launched will be rewarded the new crypto at the ratio 10,000 Dogecoins per Dogethereum.
It seems like Dogethereum has all the capabilities of Ethereum via smart contracts, the difference being it has the Dogecoin brand, and Dogecoin users will have an incentive to use Dogethereum because they are rewarded free Dogethereum. This could lead to the rise of a full spectrum of Dogecoin dApps, which has the potential to re-invigorate the Dogecoin community. The Dogecoin community has been active and healthy since the beginning of Dogecoin, and it is likely many people will jump on this opportunity to create Dogecoin dApps.
Additionally, Dogecoin has been listed on Robinhood as of July 2018, which is a popular stock trading app that began listing cryptocurrencies in the past year. Robinhood provides zero fee crypto trading, and therefore people will now be able to trade Dogecoin at no fee. This has the potential to increase Dogecoin’s market liquidity and demand, which may be exactly what we are seeing right now with this major Dogecoin rally.
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