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Here’s One Reason Why Dogecoin (DOGE) Could Hit A Dollar

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DOGE could hit a dollar

There’s probably no cryptocurrency community more welcoming than that surrounding Dogecoin (DOGE). It’s the coin that was set up as a bit of a joke but that subsequently became, somewhat by accident, a major player in the space during the early days and rocketed in both popularity and value as a result.

DOGE Daily Chart

DOGE Daily Chart

Over the last year or so, however, DOGE has somewhat taken a back seat and regained its place as a community-driven fun-coin. In the process, market capitalization (and, by proxy, price), has declined.

Well, sort of.

In September, DOGE went for $0.0008. This week, the coin hit $0.0086. That’s a run of close to 1,000% and it’s one that’s sparked a wave of renewed interest in the coin and the community that underpins it. Market capitalization sits at $976 million and daily trading volume (so, over the last twenty-four hours) hit $151 million at last count. For long-term HODLers, the potential for a near-term $1 billion market cap is an exciting one.

So what’s getting everyone excited about this coin right now and, just as importantly, what’s next?

We’re going to answer these questions one at a time.

The run we are seeing right now is largely down to the fact that, on December 4, DOGE became four years old. In the crypto space that’s practically ancient and that it’s avoided the crypto-death pile, even against a backdrop of numerous scams, is reason enough to cheer the event.

And this increased attention is having a sort of snowball effect. Major news outlets are picking up the story that the world’s friendliest crypto community is finally getting their long-awaited reward and this in and of itself is attracting more and more speculative buy volume to the coin – just take a look at the twenty-four-hour volume figure as confirmation of this statement.

A birthday and a bit of increased attention, of course, aren’t going to support this run longer term, so surely DOGE is in for a correction as we head into the end of 2017 and beyond, into next year – right?

Well, not so fast.

There’s one thing we really like about this coin that sets it apart from pretty much every other major coin on the market today and it’s going to seem a little counterintuitive from a value increase perspective but stick with us – it’s got an inflationary system built in.

Inflation? Surely inflation is bad? Increased supply (and we’re talking more than 5 billion extra coins hitting the market annually) should lead to a weakened price as compares to other, non-inflating cryptocoins – that’s true.

On the other hand, however, there’s a real advantage to an inherent inflationary quality in a cryptocoin and that is that it promotes spending. We’re seeing issues right now in bitcoin because people are just holding large amounts as the basis of speculative long-term investment positions. DOGE, on the other hand, becomes less valuable the longer you hold it (absent of any price increases, of course) and this serves to incentivize spending. This, in turn, has led to its resurgence as a microtransaction asset, which is what drove the coin’s initial popularity a few years back.

DOGE is trading hands as rewards, payments, all these sorts of things, and the network (and, in turn, price) is benefiting as a direct result.

And it’s for this reason that we think there’s plenty more run room left in DOGE. We’re at just shy of a penny right now but, based on the inflationary theory outlined above and the increased transaction activity that this inflation incentivizes, there’s no reason why the coin can’t trade ten times or even one hundred times higher than its current price.

We will be updating our subscribers as soon as we know more. For the latest on DOGE, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.


Image courtesy of Aranami

Crypto

BNB Price Surges Past $300, Faces Crucial $339 Hurdle: What’s Next?

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BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.

Binance Coin Outlook

BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.

Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD)  on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.

The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…

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Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

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Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…

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Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

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Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

Cited figures provided by DeFi aggregator DeFiLlama

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