This is not financial advice. Please consult a financial advisory before making any investment, and do your own research when investing in something as volatile as cryptocurrency.
Dogecoin has seen some pretty shocking growth during the past few weeks, and I think it has been overlooked by some so I want to share that and try to explain why it has gone up. If you have any comments about Dogecoin tell me in the comments, and don't forget to upvote.
What you are seeing in the above chart is the DOGE/USD trading pair, and as you can see for yourself the meme coin known as DOGE is up in value over 200% in about a week. Now you can believe in any cryptocurrency if something with as little utility as this one can go up. But seriously, why is DOGE increasing like this, and should you invest?
The info behind the pump is that there was supposed to be a fork of Ethereum which would be with DOGE and would result in a token called DOGX to be granted to DOGE holders, and... long story short the project was called Dogethereum. It never happened and people were thinking it was a scam created to steal peoples private keys. Well fast forward to a recent article that was published regarding said DOGE and Ethereum fork "Dogethereum", and a whole lot of FOMO later, BOOM. People think that DOGE is the next smart contract platform for creating dApps, which couldn't be further from reality. So the people are being misinformed about a real project called Dogethereum, which is actually a bridge for different blockchains , and therefore we have the Dogecoin surge in price.
What do you think? I think that it is good news to hear that Dogecoin will be adding some actual functionality to the coin, and not just being the meme coin anymore. It is also surprising to see how an article (or if there are other players I don't know of let me know below) can cause this reaction in people and have them buying a coin, therefore increasing the price drastically.
Link to real DOGE bridge project github: https://github.com/dogethereum/docs/?