Dogecoin Price Could Drop Below $0.002 as Dogethereum Bridge is not Economically Viable

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These are not the most interesting and favorable times for cryptocurrencies. Although the year 2019 has been off to a good start, it seems some of that momentum is running out of steam right now. Even the Dogecoin price is struggling to maintain its $0.002 value at this time, although there are some interesting developments which can potentially turn this situation around eventually.

Dogecoin Price Faces Pressure at $0.002

When the going gets a bit tougher in the cryptocurrency industry, investors and speculators will try to diversify their portfolio once again. One of the potential investments often considered to be worth exploring is Dogecoin, simply because the meme currency of the internet tends to do things very differently from the rest of the industry. Today is not necessarily one of those days, albeit there isn’t much to be done about it.

Over the past 24 hours, there has been a minor downtrend in terms of Dogecoin’s value. With a 0.7% decline in USD value and a 0.85% drop in DOGE/BTC, the current Dogecoin price sits at $0.002008 or 52 Satoshi. Those speculators who aim to buy DOGE to increase their BTC holdings may not see any real uptrend soon, although it might materialize at any given moment.

The community has been wondering about the announced Dogecoin-ERC20 token bridge. A new development has been posted explaining what is going on. The main developer has left the project, and the remainder of the team doesn’t consider it economically viable at this time. Development is outsourced to a bounty-oriented team, yet the low value of ETH makes it less appealing to pursue. An unfortunate bit of news, but it is to be expected.

In more positive news, it would appear Dogecoin is potentially making its presence known in the Bitpanda platform. That is, assuming the currency can win the Twitter vote, which seems rather unlikely at this time. For the time being, Dogecoin is in second place, as Lisk – of all projects – is winning the vote. Basic Attention Token is not too far behind Dogecoin either, which can create some interesting momentum as this vote comes to a close in the next few hours.

As has become somewhat of a common theme in the Dogecoin community, memes make the world go round. Dogecoin Memes shared another funny image, which sums up the sentiment of community members who are either part of a Dogecoin meme or not involved in them at all. It is one of the better memes to be shared in recent weeks, which will undoubtedly put a smile on many people’s faces.

When the overall market momentum remains uncertain, one never knows how individual markets will evolve in the near future. In the case of Dogecoin, there is a lot of uncertainty as well, although the losses are not necessarily all that troublesome either. While Dogecoin might not remain above $0.002 for today, it will not go too far below that threshold either.

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

Image(s): Shutterstock.com

The post Dogecoin Price Could Drop Below $0.002 as Dogethereum Bridge is not Economically Viable appeared first on The Merkle Hash.


by JP Buntinx via The Merkle Hash

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