As Cryptocurrency Market Surges, Dogecoin Hogs the Limelight

On Saturday, September 1, the cryptocurrency market made a solid pullback with almost all of the top 50 cryptocurrencies showing good recovery. After having gone through a turbulent phase in the last few weeks, Bitcoin surged convincingly to move over $7200 mark. Other cryptocurrencies also posted considerable gains, however, the start-of-the-show for the last three days has been Dogecoin.

Since Thursday, August 30, Dogecoin surged by nearly 60 percent over the speculations that the cryptocurrency shall be integrated into the Ethereum network. This integration is popularly being referred to as Dogethereum - a combination of Dogecoin and Ethereum. The project is aimed for an easy transfer of tokens between two blockchain. Additionally, it will also give Dogecoin the benefit of getting flexibility from the Ethereum blockchain.

Dogecoin - a Shiba Inu-meme based cryptocurrency witnessed a strong buying spree on Thursday,  with its price shooting from $0.00246 to $0.00324. After posting a 31% price surge on Thursday, the cryptocurrency gained higher highs on Friday and then on Saturday reaching to an high of $0.0067, according to the charts on WorldCoinIndex. After a massive bull-run, the cryptocurrency has now again corrected by over 20%, as per today’s charts.

Initially, Dogethereum was expected to be launched as a different cryptocurrency, with a ticker of DOGX. This could have been implemented through a hard fork. However, the communities later decided on not splitting the Dogecoin chain.

The latest surge in the cryptocurrency market could be possibly due to CBOE announcing its plans to launch the Ethereum futures contract by the end of this year. On Saturday, Ethereal also surged by just over 5%, however, the world’s second-largest digital currency failed to cross the resistance of $300.

Bitcoin Cash, too, has shown a phenomenal recovery as the altcoin price surged by $100 in the last two days to hit $650. It would be too early at this point to say whether this market recovery marks the beginning of next bull run. For now, it has surely managed to get some cheer among the crypto investors.