The cryptocurrency market at the moment is in the midst of a price slump, unlike anything that it has witnessed throughout 2019. In a situation where Bitcoin, the world’s largest cryptocurrency, had fallen below the $8000 market and XRP, the third-largest cryptocurrency which was touted to shoot up after a volume increase had dropped to the $0.25 range, one cryptocurrency has held its own on the charts.
Dogecoin, the meme-based cryptocurrency which currently holds the 28th position on the charts, was expected to lead the way in terms of positive price movement by analysts with CryptoThies, a popular Bitcoin and Dogecoin enthusiast tweeting:
“Dog leads the pack. Just wait.”
At press time, Dogecoin was trading for $0.0023 with a total market cap of $282.456 million. The 0.41 percent depreciation in the price over a 24-hour time frame had also caused the cryptocurrency’s market volume to fall to $46.195 million.
A majority of Dogecoin’s trading took place on CoinEx and Bit-Z, tow popular cryptocurrency exchanges. The former oversaw Dogecoin transactions worth $12,13 million while the latter controlled $4.73 million worth of DOGE trade. Fans of the cryptocurrency even took to Twitter to promote Dogecoin’s ‘dominance’ with Crypto Kriesz, a Twitterati commenting:
“Its even printing the perfect $DOGE pattern on the 1H TF 👀 THIS IS IT GUYS, THE DOGE HAS SPOKEN! BOW BOW BOW!”
Dogecoin was also in the news recently when it was revealed that the Jackson Palmer founder cryptocurrency was the third most resistant to 51 percent attacks after bigshots like Bitcoin and Ethereum. This fact was pointed out by crypto analyst Kevin Rooke, who had tweeted:
“Dogecoin is more resistant to a 51% attack than all cryptocurrencies not named Bitcoin or Ethereum. Yes, Dogecoin, you read that right.”
This statement was proven by numbers crunched against the 1-hour attack cost on various blockchains. While Bitcoin had a recorded price just below the $800,000 mark, Ethereum had a 1-hour attack cost just above the $100,00 mark. Dogecoin, the surprise third entry on the list, had a value near the $20,000 mark.
Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.