traders and investors shifted focus to another altcoin named CDOGE that showing a very high price hike in current meme coin mania. The token currently lists at #3394 in the worlds cryptocurrency market, and its value has risen by 25.09% in the last 24 hours, hitting $0.001848.
As its price has soared, CDOGE’s market capitalization now stands at $183,990, admittedly a small fry in today’s crypto pond but a new victory for a fledgling altcoin. With the increase in interest, the token enjoys a 24-hour trading volume of $178,030, with an increased volume of 174,86% compared to the previous day.
CDOGE has an FDV of $184,770, which is very near to its market capitalization due to the limited supply design of the project. Claiming to have an initial total and maximum supply of one Hundred Million tokens or CDOGEs all of which are currently circulating, the token proscribed scarcity as the reason for its recent market performance.
The volume to market cap ratio, a factor adopted in an effort to estimate trading activity over a token’s market value has now hit an impressive 96.76%. This high ratio shows that much interest had been given to trading CDOGE as it possesses high liquidity at least in the short-run.
Although the function and creation of CDOGE are still unknown, its given name and its recent price action would suggest similarities to newer types of meme stocks like Dogecoin (DOGE) and Shiba Inu (SHIB). Such comparisons seem to raise further issues regarding the sustainable growth at CDOGE and its future outlook, especially within a market that has well been characterized by high levels of risks and speculation.
While most crypto analysts and market observers believe that the trend is valuable to understand, there are still some who question its relevance due to its lack of prediction success. Some see it as the market’s insatiable demand for high-risk for high returns in the space of Crypto assets. Some also argue that such figures could be a fundamental advertisement of an eventual pump-and-dump or a speculation bubble proven by tokens that may have just started trading in the market.
The background of CDOGE’s rise is a crypto marketplace that has experienced a newfound demand for meme coins and other altcoins. This rise emerges at a time when traditional large-cap cryptocurrencies such as Bitcoin and Ethereum have pulled out from a long bear’s run, somehow serving to bolster the retail trader’s interest in exploring the fund categories.
However, risks associated with regulatory action are never far off in relation to meme coin spaces. Global financial regulators have been voicing increasing concern over tokens that have little or no intrinsic worth, admonishing investors about the dangers of engaging in what some have dubbed digital asset trading.
However, such warnings are ignored by traders who are willing to deal with obscure tokens such as CDOGE in the hopes of making quick money. Token continues to receive active discussions in social media sites and forums with some of the people encouraging others to buy the token expecting the prices to rocket as others advising people to think twice before investing in the token.
Like most newly born digital currency, there is limited information regarding the core development team behind CDOGE, the technical foundations of the currency as well as the future that is laid out for it. It is recommended that the investors should do their home work as well as proceed with the investment with a lot of caution because such assets are highly risky and sometimes are not well tested.
The crypto community is eager to find out whether CDOGE can continue its march upwards or is going to become one of many short-lived crypto trends. This is especially important, given that as the token continues trading, doubts on its use, its integration to people’s lives and sustainability in the highly competitive world of cryptocurrencies persist.
In this context of a constantly shifting market and an emphasis on new meme-based tokens, CDOGE’s meteoric rise to the fore illustrates a continuing basic truth about the cryptocurrency market. Whether CDOGE will become much more than a flash in the pan in the crypto space remains to be seen, but is clear that it has created a name for itself in the daily trading volume and taken hold of the innovative imaginations of high-risk adventurous crypto lovers.