Over the past few weeks, we have seen some pretty hard ups and downs in the crypto sector. The 25th largest cryptocurrency based on market capitalization, Dogecoin has dropped more than a percent in the last 24 hours, settling at around $0.00199 as of press time.
Will this price drop gather more investor, though? As the current bearish trend diminishes, more and more investors are seeking ways to diversify their portfolios. Dogecoin, known as the first meme-coin, could be a safe-haven for those investors seeking to eliminate volatility issues.
But the bearish trend has been pushing the prices of cryptocurrencies down for a few months, and now, Dogecoin’s mission to serve as a bridge between bitcoin and altcoins seems almost impossible.
In a recent blog post, team Doge has explained why there is such a delay with the release of the much-awaited ERC-20 bridge. One of the leading developers of the bridge left the project, while the rest of the development team is not considering the bridge to be “economically viable and sustainable”.
The development of Dogecoin is outsourced to a team of programmers, who earn their paychecks per project, or the so-called bounty. Their earnings are in ETH, so the team felt that in the current market situation, there is no reason to continue developing the bridge.
There is some good news for the DOGE, though. The meme-coin stroke an interest among the Bitpanda userbase. The exchange platform runs a poll on Twitter, where Dogecoin is second, steps behind Lisk, and beating rivals like Golem and Basic Attention Token. The differences in votes are small, though, as BAT is gaining momentum against DOGE.
Memes have been the driving force of the Dogecoin. The Dogecoin team is giving its best to satisfy its users' funny memes with their mascot – the Shiba Inu.
The overall market momentum seems a bit rough at the moment, but if we look at the daily trading volumes, the prices of cryptocurrencies most certainly will go up.