Internet’s favorite cryptocurrency, Dogecoin, has had a rough time in the month of October and looks like November is not going to be any different. Dogecoin is showing a continuous downtrend. Dogecoin is down by 37% since October 1st, 2018. The daily trading volume of Dogecoin has also seen a sharp decline from $15 million to $7 million.
Dogecoin increased sharply in the last week of August 2018, due to the announcement of Doge – Ethereum bridge demo. Doge – Ethereum bridge will allow investors to convert Doge to Ethereum and vice versa without any intermediatory. The alpha version was released on 20th August after 13 months of development. Due to this announcement, the price of Dogecoin rose sharply.
But since then the hype has faded and Dogecoin going back to its original value. Before the announcement of Doge-Ethereum bridge Doge was trading at $0.0023 and cryptocurrency traders on Twitter believe that Doge will currently fall to those value.
But according to Coindesk, Dogecoin should bounce back, even by a margin of 100 percent, again after reaching a low.
“It should be noted that DOGE tends to retrace significantly after a strong incline, sometimes beyond 100 percent, so history would suggest that it’s unlikely that the price holds its current level for too long.”
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