Dogecoin price has soared nearly 60% possibly on reports that an alpha release of Dogethereum has been made available.
Dogecoin price soars 60%
The meme-spawned, inflationary-friendly cryptocurrency Dogecoin $0.00569 +0.58% has potentially benefitted from the recent release of Dogethereum, confirming previous rumors Bitcoinist reported in February.
Daily trading volume has also risen to a whopping $144 million from just $5 million days before, according to data from Coinmarketcap, an increase of 2800 percent.
The Shiba Inu-meme based cryptocurrency has reached a market cap of nearly $670 — or around 50% of its all-time high value, putting it number twenty overall, at press time.
Despite being a tongue-n-cheek project, the cryptocurrency does not lack in users. In fact, Dogecoin — an inflationary coin designed to incentivize spending and tipping — has shown to be more popular for a few periods compared to payment-focused cryptocurrencies such as Litecoin $52.9434 +0.01% and Bitcoin Cash $473.093 -0.08%.
The news comes as Ethereum developer made a decision “that a reduction to 2 ETH was the clear community consensus.”
Initially, Dogethereum was set to be launched as a separate cryptocurrency, whose ticker would be DOGX. It would be created through a hard fork but, eventually, the communities decided not to split the Dogecoin chain.
A demonstration is expected on September 5th showcasing Ethereum and Dogecoin blockchains.
Meanwhile, Ethereum developers are moving forward with plans to migrate to a Proof-of-Stake protocol (Pos) to ensure that it is “scalable and decentralized,” writes market analyst Antonio Madeira of Cryptocompare.
“Ethereum plans to move to a Proof of Stake protocol where a lot less computational power is required and miners can earn rewards according to their balance.”
Nevertheless, while the reason for the current DOGE price pump is not entirely clear, the Ethereum $196.564 -0.36% has not followed in its footsteps with only modest price gains over the past 24 hours as its next Constantinople upgrade is slated for October.
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