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Dogecoin arrives also on Tron
Dogecoin arrives also on Tron
Blockchain

Dogecoin arrives also on Tron

By Marco Cavicchioli - 6 May 2021

Chevron down

Tron will support Dogecoin. This was announced by Tron founder Justin Sun, saying that Tron will become the first “DeFi blockchain protocol” to support DOGE. 

Thanks to this integration, it will be possible to deposit Dogecoin and exchange it for example with USDT, or earn interest on justswap.org or justlend.org. 

The Doge swap on Tron will be supported by the Poloniex exchange, which has a long-standing partnership with Tron

Sun also announced all TRX, BTT, WIN, JST and SUN holders will receive DOGE as a reward from Tron’s DeFi mining. 

However despite this announcement, made at around 6:00 PM CET on 5 May 2021, the price of Dogecoin did not rise

On the contrary, just at the same time as Justin Sun’s tweet was published, a decidedly curious dynamic on the price of DOGE occurred. 

The price of Dogecoin after the Tron-related announcement

After hitting a new all-time high of over $0.68, the price of Dogecoin started to fall yesterday. 

About three hours after the peak, it was down to $0.65, but about four hours after the peak, it started a descent to $0.56. In other words, it had lost 17% in just four hours, and 15% in just 60 minutes, after having recorded a new all-time high. 

Just as this collapse was underway, Justin Sun tweeted the announcement of the Tron integration, and the collapse immediately stopped

The price then climbed back up to $0.63 in just 2 hours, and then up again to $0.66 in the night between yesterday and today. This rise seems to have been triggered by Justin Sun’s tweet. 

However, in the hours that followed, the price of DOGE fell back to $0.58 this morning. It is now back up to $0.60. 

It is not known whether Justin Sun posted that tweet voluntarily or knowingly at the time of the crash, or whether it was just a coincidence. However, it should not be forgotten that in anticipation of “Dogefather” Elon Musk’s appearance on Saturday Night Live on 8 May, many Dogecoin investors believe that the price could rise as high as $1.

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 25 thousand subscribers.

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