2 Fundamental Reasons Why Dogecoin Is Stabilizing Today
This weekend, most major cryptocurrencies, including Dogecoin (CRYPTO: DOGE) saw yet another bout of selling early Saturday morning. However, Dogecoin appears to be finding its feet today, trading flat over the past 24 hours, and down only marginally over the past week. The 24-hour trading range works out to a 2.5% span between the top and bottom prices. That would be a thrilling day for many investments but it's a rare helping of calm for the volatile Dogecoin.
Some experts are now pointing to Dogecoin's valuation as being more attractive at these levels, for two reasons. First, Dogecoin's market capitalization relative to its total mining revenue (a key metric used to determine how overvalued or undervalued for proof-of-work cryptocurrencies) is actually lower than Ethereum right now. Additionally, Dogecoin's total aggregate mining revenue just surpassed the crucial $1 billion mark, suggesting that perhaps at least some of the hype around this token was warranted.
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Source Fool.com
