The dogecoin cryptocurrency appears to be making significant headway in rising back up the market cap charts for cryptocurrency after spending most of 2014 stuck at pretty much the same price.
The dogecoin has seen its value rise steadily since September 4th when its price shot up by 18% and it has now enjoyed an increase of over 40% in the last week. In terms of altcoin ranking a fifth place position for the dogecoin in the cryptocurrency market now appears to show that it is gaining an increasing level of popularity.
With the majority of the top ranking altcoins seeing an increase in their market cap the September period looks to have been a good one with the exception of the bitcoin which has had trouble stabilising its value.
A number of high ranking altcoins have seen value increases in the double digits with Nxt Darkcoin, Bitshares and BitcoinDark among them, although the dogecoin is still the one currency that has seen the largest rise in its market value.
With the dogecoin having suffered from a constant drop in its value over recent month it hit an all time low back on the 25th August when it dropped to just 22 satoshis. The dogecoin had originally hit a peak value of 285 satoshis giving it a market cap value of around $90 million but on the 12th February this year the price began to fall. By the 9th March the value of the dogecoin had been slashed by over 50% taking it down to just 124 satoshis in under one month. All through the summer the value of the dogecoin continued to decline with it reaching a market value of just over $10 million compared to it highest point of almost $100 million.
Thankfully for the dogecoin this all seems to be behind it as it saw a jump of around 29 satoshis in the latter part of August where it remained for the week that followed. This was followed by a slow rise of 35 satoshis on the 2nd September and then the following day it jumped by 43 satoshis. The dogecoin currently has an overall value of $17.3 million following a slight dip that took it under 40 satoshi and a recovery that took it back up to 40 satoshis.
For many investors, however, there is little that will take them away from the days when the dogecoins’ value sat at 285 satoshis and these latest events will probably not mean much to them but the truth is that in just one week the value of the dogecoin has risen by 40% which is no mean feat.
With a huge amount of pressure put on the dogecoin to keep selling thanks to its inflationary distribution model this altcoin can be a difficult choice for many investors although with a community that is passionate about the cryptocurrency along with the health of the coin overall the outlook for the alcoin is a good one.