Is Doge the most stable alt out there?
Doge has been having a tiny bit of a pump in the last few days (and it appears to be still ongoing).
Anyway, I pulled up it's chart to have a look at where it was historically, and was struck by it's dollar price - it held steady throughout the bitcoin pump that started in November. See for yourself:
The blue line is the USD price, and apart from a few short-lived pumps, it held steady at around $0.0002 even while bitcoin and ether were performing their mad gyrations.
This indicates to me that it might have been used as a hedge against bitcoin. To protect yourself from bitcoin dropping against USD during the ETF madness, you just needed to use some bitcoin to purchase some Doge, and you effectively locked in the January bitcoin value in dollars.
Looking even further back, it appears some people bought it around the time bitcoin's halvening happened (July 2016) - again, probably as some sort of hedge.
I've started to wonder whether I have stumbled on a whale's secret hedging strategy.
Stability is a nice feature… while it lasts. I would like to know more about the Doge's internal functioning, which could possibly explain such stability in a completely volatile world.