Crypto exchange Bitfinex has added two new trading pairs featuring Dogecoin: DOGE/USD and DOGE/USDt.
Bitfinex has also opened deposits and withdrawals in DOGE so that it is possible to deposit, exchange and withdraw Dogecoin on the exchange.
Users will be able to convert their MegaDogecoin (MDOGE) already on the Bitfinex platform into DOGE, via the conversion tool, at a conversion rate of 1 MDOGE = 1,000,000 DOGE.
The rise of Dogecoin
Dogecoin recently entered the top 10 cryptocurrencies with the highest market capitalization, with a total value that for some time was even higher than the same USDt, issued by a subsidiary of Bitfinex (Tether).
After first rising above $0.41 on April 19th, 2021, setting a new all-time high, the price of Dogecoin had fallen to $0.35, only to set a new record the next day at almost $0.42.
Today, however, Dogecoin is on a downward trend, losing 18% in the last 24 hours, with the price dropping back to around $0.30.
This level had already been reached three days ago, after the first peak on April 16th at almost $0.4, but it remains an extremely high value, if compared to those of the past.
Just a week ago the price was still below $0.15, about half of what it is today, while a month ago it was barely above $0.05.
In other words, in the last seven days it has risen by 236%, in the last 30 days by 449%, and in the last 12 months by 15.855%.
The curious thing is that behind Dogecoin there is no project, no roadmap, no concrete use, only a community that is trying to pump up the price. For now, it has succeeded, as it is now a purely speculative cryptocurrency, but it is not clear how long the community will be able to sustain these prices, although it is often helped in this by Elon Musk’s tweets.
For example, the number of daily transactions on the Dogecoin blockchain has never exceeded 150,000 in recent months, with a peak of 136,000 on April 16th, but also a low of 27,000 on March 13th. For example, Litecoin, another transactional cryptocurrency, had a similar peak at 131,000 also on April 16th, but recently it has never fallen below 80,000.
In other words, Dogecoin is less widely used than Litecoin, but to date has a market capitalization more than double that of LTC.
