The current drop of Bitcoin caused by market overreaction at Janet Yellen’s remarks has affected many altcoins. The US treasury pointed towards the possibility of an interest rate revision. While the cryptocurrency collective market cap has dropped from $2.3 trillion to $2.1 trillion, the only digital asset that has kept going upwards is the meme cryptocurrency, Dogecoin. With an impressive 26.35% gains, the meme cryptocurrency has become the centre of interest and speculation once again.
The upsurge is being attributed to the announcement by Gemini that has decided to list Dogecoin on the platform starting today. Gemini is one of the few crypto exchange platforms that allow users to convert their fiat currencies into digital assets. The meme cryptocurrency has come out of the shadows since SpaceX CEO Elon Musk has declared affiliation with Dogecoin on his Twitter account.
Why has Gemini Chosen to Enlist the Meme Cryptocurrency on its Platform?
Gemini is an American-based crypto exchange enterprise with an investment stream of $1 billion. In a blog post, the exchange claims that the main reason to list the meme digital currency on the platform was its rapidly growing utility, popularity, and adaptability. The blog post also added that the relative value for all types of monetary commodities comes from the presence of value rewarded by the faith of users.
Even though Dogecoin’s market cap has left behind names like Apple Inc., Square and Twitter, its owner Billy Markus sold out his entire crypto holdings in 2015 for amount enough to purchase a refurbished Honda Civic. The present market cap of DOGE, i.e. $71 billion, is bigger than the entire Honda Corporation. The decentralized nature of the meme crypto could be a big reason why Musk has decided to take an interest in the joke coin that was created as a mockery to digital assets.
Institutional Investors Rethinking their Decision to Dismiss Dogecoin
After the current gravity-defying 46% upsurge of the joke altcoin, institutional investors are getting ready to raise stakes in the DOGE. Presently the altcoin is trending at $0.662 per token. A survey conducted by Benzinga.com to gauge the possibility of DOGE hitting $1 shows that 80.2% of people have voted in favour. However, all is not spring and rainbows as the technical analysts are predicting a bear correction.
Market analytics by TradingView signifies the Tom DeMark Indicator pointing towards a sell signal. Tom DeMark Sequential is a number indicator that is used to define price point reversal for bear or bull runs. Considering these predictions, investors are looking for a better risk management strategy to trade DOGE. Even though altcoin is showing room for more growth, it is expected that early buyers could cash out at any moment.