Dogecoin [DOGE] enjoys surge as the market continues to fall
The world’s favorite meme cryptocurrency has been enjoying a surge in price over the past few weeks. Dogecoin (DOGE) has now surpassed Zcash (ZEC) and VeChain (VET) to rank 19th on the top cryptocurrencies by market capitalization, currently valued at $792.05 million. Languishing at just below $300 million at the end of last month, it surpassed the $700 million mark in just 10 days on Monday.
Dogecoin seems to be on the up and up in the cryptocurrency market, a stark contrast from the rest of the major coins. The market fell over 20% in the same period as DOGE's surge. This surge isn’t seen as a low-liquidity pump either as DOGE trading pairs are rounding up trading volumes of about $80 million daily.
The rise of DOGE from the trolling hallows of the internet to becoming a cryptocurrency that is outperforming the very market that had mocked it has taken everyone by surprise. Several crypto-personalities and researchers have voiced their attention to this meme currency’s surge.
Kevin Rooke, a cryptocurrency researcher voiced his approval and surprise at Dogecoin’s increase on Twitter and provided a bit of insight as well:
2017: Dogecoin is a joke
2018: Dogecoin is making your cryptocurrency look like a joke
Dogecoin's 24hr tx volume is:
3x of BCH
8x of LTC
13x of DASH
35x of DCR
41x of BTG
Dogecoin may have started as a joke, but their community is now the envy of the crypto world pic.twitter.com/YXIzqJWHez
— Kevin Rooke (@kerooke) September 10, 2018
The Canadian researcher encapsulates the change of opinions on Dogecoin, with 2017 seen as an unfortunate year for the coin and 2018 a year when it took hold of the crypto-world. Dogecoin has been extensively used for small, micro-transactions, usually gifting and tipping in the micro-sphere it operates in.
Through its blockchain, Dogecoin has sold DOGE coins worth $134 million in the form of microtransactions. In terms of active addresses, Dogecoin has the lead with 93,523 in 24 hours, compared to Dash’s 38,430, Bitcoin Cash’s 31,171 and Litecoin’s 79,181.
According to CoinMarketCap, Dogecoin (DOGE) is currently priced at $0.006822. In the beginning of the month, the coin was trading at $0.004103.
Image via Shutterstock & Charts from CoinMarketCap
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