Dogethereum Test Succeeds, DogeCoin (DOGE) Holds onto Gains

Dogethereum successfully bridged the DogeCoin (DOGE) network with that of Ethereum in a test run on Wednesday. The pre-announcement of the test was one of the reasons behind the recent rise in DOGЕ prices.

The test shows small transactions into DOGETOKEN, the vehicle for the Ethereum network.

https://twitter.com/hashtagnochmal/status/1037362488835276800

However, DogeCoin creator Jackson Palmer was critical of the hype. Palmer, who is usually skeptical of over-exalting crypto technologies, tweeted:

https://twitter.com/ummjackson/status/1037591368523083776

For some, this news was seen as potentially supporting DOGE, at least in the short term. Having survived the market sell-offs, DOGE was only slightly affected in the past day. At around 08:30 UTC on Thursday, it was trading at $0.00495, recording a net loss of 4.7% for the previous 24 hours. Meanwhile, other coins slid by more than 20%. However, the recent DOGE pump is seen as unsustainable, and the price may continue to unravel.

Adding to the liquidity of DOGE, Bittrex has launched a DOGE/USDT pair:

https://twitter.com/BittrexExchange/status/1037458553546723328

Through Poloniex, DOGE sees more than 30% of its volumes happen against the USDT. This gives it a degree of independence from BTC prices.

During a bear market, DOGE is seen as a coin that can spark some enthusiasm and preserve its BTC price. In the past few days, trading volumes have declined compared to the recent peak, when DOGE saw nearly $200 million in trading per day. At the time of writing, volumes have slid to about $57 million in 24 hours.

https://twitter.com/anondran/status/1037333826891145222

The coin has a large fan base and features in tip bots, becoming an effective and fast payment for social media use.

DOGE is no stranger to periodic pumps, only to retreat to lower prices later. Still, DOGE is up more than 70% net in the past few days and has not erased the gains yet. DOGE trades at a slight premium at $0.005 on Gate.IO, and at $0.0048 on Poloniex.

While the price remains relatively high, DOGE transactions are experiencing a slowdown. On September 4, their number temporarily peaked above 58,000 in a day, only to slide to 41,000 a day later. DOGE usually sees much lower activity, with around 20,000 daily transactions.

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.