Dogecoin (DOGE) Price Soar a Pump and Dump?

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The crypto market seems to show little signs of an upturn in fortunes as the bearish market continues to persist. One coin that has seen its own fair share of bullish and bearish run over the years is DogeCoin(DOGE).

The coin coined from a dog meme has been one of the worst hit coins but has continued to hover just below the $0.002 level. Many analysts were speculating that the coin could become obsolete when it hit the 0.0017 mark some few weeks ago.

However, the price of the coin has made some gains with the coin hitting $0.002 mark for some hours on Tuesday. This recent trend has seen hodlers bullish about the prospect of the coin in the coming weeks.

DogeCoin (DOGE) One Of The Few Coins Not Overly Dependent On The Price Of Bitcoin

It is a well-known fact that most altcoins depend heavily on the price of Bitcoin to make gains and the recent bearish market is as a result of the drop in the price of the premier coin.

Read: Bitcoin (BTC) Enemies Are More Than Just the Competing Altcoins

DOGE is one of the few coins that buck the trend as it is not overly dependent on the price of Bitcoin. The popular digitoken has seen its use increase in 2019 despite little technical updates on its technology.

There have been fluctuating prices in the crypto market as many coins had a brief spike in price last week. this proved to be a false dawn as many have moved back into the red zone as some investors begin to show concern.

DOGE Coin Recent Upturn In Price

DOGE saw a 3% increase on its value to bitcoin within this period with the coin trading at a high $0.002017. This development was of great interest to a lot of persons in the crypto space.

However, there are reservations about the recent rise as Dogecoin is not known for sustaining spike in value. It is more of a fluctuating coin as such there may not be a lot of investors rushing to trade the coin.

Despite this Dogecoin continues to wax in popularity as many are looking to hold it in bulk as a result of its very cheap price. It is one of the biggest coin in terms of circulating supply which means that there is still a degree of trust in the coin by users.

Conclusion

It would be interesting to see how the coin performs over the weekend as this would indicate whether this bullish run is the real deal.

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