Ethereum Classic’s Price Tripling Bears Hallmark of Dogecoin Frenzy

• ETC is on a blitzkrieg and notched the best weekly performance in its lifetime
• The digital coin has seen a tripling of its values since Sunday
• Experts call it the Dogecoin effect

Analysts have labeled Ethereum Classic’s price tripling on speculative bets instead of down-to-earth facts. Ethereum Classic is not much akin to its illustrious cousin, ether (ETH) of the Ethereum blockchain’s native cryptocurrency. 

ETC is on a blitzkrieg and notched the best weekly performance in its four years of existence. The digital coin has seen a tripling of its values since Sunday.

Dogecoin sentiments are infectious.

Coindesk quoting experts who felt that the sentiments of Dogecoin (DOGE) are being rubbed on almost defunct cryptocurrency projects from the last big bull market in 2017. Still, some experts feel that Ethereum Classic has disruptive potential much like Ethereum or other up-and-coming blockchains like Binance Smart Chain or even Cardano.

A cheap and attractive alternative

However, retail traders could be betting on the prices to go up, ETC tokens are an attractive alternative since they are cheap. Coindesk quoted Joshua Frank, co-founder, and CEO of crypto data firm The TIE. He said that the massive surge in popularity of Dogecoin had encouraged US retail to focus their attention on the next significant asset.

Ethereum classic was the outcome of a controversial split from Ethereum in 2017, known in blockchain jargon as a “hard fork.” However, it could not garner the same support as its mother token and soon lost the support from the larger Ethereum software developer community. The market cap of ETC is $409 billion, which is just one-twentieth of its mother token. It has also endured 51% attacks, and as of press time, ethereum classic is changing hands at $133.72, up 7.96% in the past 24 hours.

The bullish trend continues across the market.

The market is in a bullish phase, which has helped ETC and other similar tokens surge in value. According to Coinbase and TradingView ETC price, the price rose 47% on May 5. The ETC growth is also helped by increased trading activity. On Thursday, the trading volume of ETC surged above $10 billion on Upbit, a Korean cryptocurrency exchange, as per data from CoinMarketCap.

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.