ForexMinute.com – Even though Shibes have always shied away from calling Dogecoin a trading instrument, their enthusiasm over the coin’s recent market performance is visible on multiple social network websites. For a coin which was once considered almost dead by its critics, the sudden trend reversal is indeed a welcome sign for many.
It happened somewhere around the community’s decision to merge mine with Litecoin, which not only saved the Dogecoin’s falling hash rate but also inspired new traders to join its humorous community. Around August 2 this year, Dogecoin was valued around 23 satoshi, while its market cap was fallen from the peak of 90 million to around 10 million within a matter of months.
The market however picked pace when investors began to understand the benefits Dogecoin will receive after implementing AuxPoW. By looking at the following 90-day chart, one can notice the uptrend Dogecoin have formed after hitting the all-time-low on August 27th. Within just 10 days, crossing through the AuxPoW release date, the Dogecoin market added 10 more million to its market cap. Optimism grew further and by the end of September 14th, investors added $14 million more, taking the Dogecoin’s overall market cap to $34 million. There the DOGE/USD was trading at around 78 satoshi.
Speaking of present, Dogecoin is hinting a long-term bullish sentiment in the market. What further is adding confidence to its trades is the possibility of it getting used by PayPal merchants. As earlier mentioned by the Wall Street Journal, PayPal’s partnership with GoCoin have opened doors for merchants to accept Dogecoin as one of the payment methods. The original PayPal-GoCoin deal however mentions Bitcoin as the sole transaction asset, but the choice of choosing favorites has been automatically given to the merchants.
This possibility has moved Dogecoin price against USD further high. At press time, the pair has increased 5.86% within just 24 hours, and is now priced at 0.000316. Without dwelling into the future, we can say that this past month has been the best for Dogecoin, and Dogecoin only. If it is aiming for the moon, guess it has crossed the stratosphere with this impeccable performance.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org
Subscribe to our daily forex newsletter for free by visiting www.forexminute.com/newsletter