Cryptocurrency markets are highly volatile. One day you are up by 15% and the next day down by 20%. To combat this, a new breed of tokens knowns as “Stablecoins” were created. Stable coins are cryptocurrencies who’s value remains constant. USDT was the first such stable coin, which has a constant value of 1 USDT = $1.
Stable coins are good to hold in the bear market, but miss out on the bull market. Let’s take, for example, cryptocurrency markets suddenly shoot up by 20% (it happens a lot). As an investor, you would most likely miss out on the bull market as your USDT value will stay the same. Sure you can argue, that trading bots would easily convert stable coin to the respective cryptocurrency, but in general, bots are slow. They usually enter when the market during the middle of an uptrend.
Dogecoin (CURRENCY: DOGE) traded up 0.6% against the U.S. dollar during the 24 hour period. Over the last week, Dogecoin has traded down 5.4% against the U.S. dollar. Dogecoin has a market capitalization of $250.75 million and $14.05 million worth of Dogecoin was traded on exchanges in the last day. One Dogecoin coin can now be bought for $0.0021 or 0.00000059 BTC on major exchanges including Koineks, BCEX, Instant Bitex, and OpenLedger DEX.
In the last few days, the dogecoin is showing a great performance after a long downfall and the clash of the market the price of dogecoin is upward.
Dogecoin is a proof-of-work (PoW) coin that uses the Scrypt hashing algorithm. Its genesis date was December 6th, 2013. Dogecoin’s total supply is 117,862,492,504 coins.
Dogecoin can be traded on the following cryptocurrency exchanges: BX Thailand, Bittylicious, Coinbe, CoinExchange, Graviex, Bit-Z, CoinEgg, OpenLedger DEX, QBTC, Livecoin, Tux Exchange, Gate.io, Tripe Dice Exchange, Mercatox, BTC Trade UA, Upbit, Coindeal, YoBit, Coinsquare, BtcTrade.im, Bittrex, BiteBTC, FreiExchange, Ovis, CoinEx, Bitsane, Sistemkoin, Fatbtc, C-Patex, Cryptopia, cfinex, Bleutrade, Cryptomate, Crex24.
Created as a joke in 2014, the token has become a serious contender in the cryptocurrency market. If past data has shown something, it is that Dogecoins value remains relatively stable in the range of $240-$270 million.