In the face of Bitcoin’s tumult, many alt-coin prices are falling or stagnant at best, but one does stand out from the pack – Dogecoin. While Bitcoin took a 20% hit in the last week, Dogecoin has enjoyed a 50% rise from 180 satoshis to roughly 270 satoshis at the time of this article; increasing its value against the dollar. Additionally, Dogecoin briefly surpassed Peercoin in market-cap, assuming the #4 spot at Coinmarketcap.com. There are various reasons for this I will highlight, most of which can be traced back to the energetically involved community I alluded to in a previous article. Here is why Dogecoin is this weeks best in show:
Similar to Bitcoin’s explosion when China bought in, this week gave us two Asian exchanges offering DOGE markets – BTC38 and ANX. Coindesk points out that the Doge-surge may be short lived, as illustrated by the now dissipated boost Quark received after being added to Chinese markets. Of course, the culture and press that surrounds Dogecoin are very different from what Quark offers.
Remember when Dogecoin experienced a huge growth period immediately following their support of the Jamaican bobsleigh team? Well, this is the week those Jamaicans take to the ice and give Dogecoin publicity every time they are on camera. Of course, they aren’t sporting any Dogecoin logos, but all it takes is one commentator mention how the Jamaicans raised $30,000 in funding and Dogecoin gets more worldwide attention.
As Dogecoin approaches it’s 100,000th block, the reward for solving each block becomes halved. Instead of receiving a possible 1 million DOGE for solving a block, miners will see a maximum reward of 500,000 DOGE, thus reducing the potential circulation of Dogecoin. Many are speculating this will increase the price of Dogecoin and are buying now, many others are speculating that the current buyers will be disappointed when they don’t see an immediate profit and will sell, crashing the price. That’s crypto-markets in a nutshell.
Reddit, Coinbase – Very Community
Yishan Wong, CEO of Reddit, recently stated very plainly that Reddit would not accept Dogecoin for Reddit gold subscriptions, citing a lack of trustworthy payment processors like Coinbase that accept Dogecoin. However, he also gave some advice, stating “Probably the most useful thing you could do to enable us to support Dogecoin would be to help convince Coinbase to add Dogecoin support” (his bold, not mine). The Dogecoin community is known for it’s ability to organize and apply pressure, as exemplified by one user’s response to Yishan. User MysticFear rallied,
Shibes, this is great news actually. We can sell Coinbase on Dogecoin, by saying Reddit would be an immediate customer if they accept Dogecoin.
Let’s go and sell them:
https://twitter.com/brian_armstrong (Coinbase CEO)
Also, let’s court BitPay. Very large BTC->USD processor. I think they would like to be part of the Reddit payment processors.
The only question left now is, after being shown the path to the moon, will the Shibe community follow it, or be left mindlessly grooming themselves?