A Lot Has Been Happening in the World of Dogecoin
Scroll DownIn the word of blockchain development and cryptocurrency trading, not a week goes by without news related to token controversies or unusual projects being launched. The week ending on May 9, however, packed even more interesting headlines compared to previous weeks.
Let's start with Dogecoin, the token that originally launched as a joke based on an internet meme. The exchange value of this digital currency, which formally trades as DOGE, has been experiencing quite the boost since April, and it seems as if Chinese traders want to get in on the action. DOGE is the unofficial token of the Reddit social network, which is not popular in China, but this has not stopped hopeful investors from jumping on the bandwagon of speculation surrounding this token.
In one of the busiest Chinese platforms for cryptocurrency trading, DOGE currently accounts for 15% of the total trading volume, and some analysts believe that this trend was prompted by the incorrect translation of a news article. Some Chinese traders who read the article in question believe that they are participating in an initial coin offering of DOGE, which means that they are not aware that this token has been around for years. On social networks such as Weibo, well-meaning traders are trying to explain that ICO situations are not only risky but also subject to manipulation; nonetheless, the fact still stands about DOGE not being an ICO at all.
Not all ICOs follow the usual patterns and are therefore considered scams in the eyes of some. The most recent example is the controversial "Project X", launched in November 2017 and now looking like a successful ICO. Some of the problems and criticisms have been reported, mostly online, but also in print. In the end, this ICO was on the level, but the same cannot be said about quite a few other ICOs that ended up being investigated by the United States Securities and Exchange Commission.
While we are all waiting for DOGE to eventually crumble like a house of cards, we should not forget that this silly token has achieved greater retail circulation when compared to competitors such as Litecoin and even Ethereum.
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