Dogecoin (DOGE) Is The Only Major Cryptocurrency That Is Stable During This Nuclear Bear Market
Every day I do a deep dive market analysis on my radio show, and most of the focus recently has been how the bottom fell out of the crypto market, in what I call a nuclear bear market. However, there is one cryptocurrency that is not getting rekt during the nuclear bear market, and that is Dogecoin (DOGE). The market cap of Dogecoin has consistently stayed at about USD 250 million, while all other major cryptocurrencies decline. In other words, Dogecoin is outperforming all other major cryptocurrencies over the past month, including Bitcoin, Ethereum, XRP, Dash, Monero, Litecoin, etc.
In the above 1 year chart from CoinMarketCap it can be seen that Dogecoin has an obvious bottom around USD 250 million market cap. The nuclear bear market has been defined by the bottom falling out for major cryptocurrencies, especially Bitcoin which plummeted below its USD 5,800 support level. For Dogecoin the bottom has not fallen out at all, its holding strong. Literally, if people would have kept their money in Dogecoin since the Bitcoin Cash fork, they would not have lost any money.
Why is this the case? It’s because Dogecoin has a fundamental demand and support level due to its expansive community. The Dogecoin community likes to hold on tight to their Dogecoins, and there is real economic activity fueled by Dogecoin. Most cryptocurrencies are not actually used as a currency, but Dogecoin is. Dogecoin is one of only 8 cryptocurrencies that actually has ATMs, which allows Dogecoin to be traded in real-life instantly for cold hard cash. There are 80 Dogecoin ATMs worldwide.
The truth is Dogecoin is an obvious top choice for cryptocurrency investors, since it is stable in the worst of times, and ready to skyrocket when the next big crypto rally comes.