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

The volatility in the cryptocurrency market continues since July 2018 when 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 and has increased by 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 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.

At press time, DOGE is trading at $0.0030 with a market cap of $115 billion. 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”