Dogecoin Trading ‘To The Moon’ as More Exchanges Launch the Digital Currency

After proving its legitimacy as a bona fide currency by showing that dogecoins can be used to send Jamaican athletes

After proving its legitimacy as a bona fide currency by showing that dogecoins can be used to send Jamaican athletes to the Olympics, the crowdsourced digital currency has gotten another boost this weekend with the launch of trading on the CoinEX exchange.   Already among the most active currencies traded on Chinese BTER and Cryptsy, the arrival on CoinEX brings perhaps the widest cross-currencies oppurtunities for dogecoin traders. More than just DOGE/BTC or DOGE/BTC, on CoinEX, dogecoin is made available for trade against 11 other digital currencies such as catcoin (CAT), zetacoin (ZET), worldcoin (WDC), and the recently emerging mooncoin (MOON).   

Prices Stable

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After dropping to a low of 25 satoshis (.00000025 BTC) to start of January, dogecoin prices stabilized and stated to creep back towards  their December 2013 highs level of just above 0.00000100 to start last week.  Prices then took a major turn higher as demand for the digital currency exploded on the heels of media attention from its funding of the Jamaican Bobsled team last week.  As a result, on Cryptsy, prices hit an all-time high of 0.00000280 (about $0.0025). Since then, prices remain stable as they are fluctuating around the 200 satoshi barrier.  Volumes have cooled off since last week’s ride higher which may affect demand, and trigger some additional selling pressure.  But, overall, activity in dogecoins continues to overshadow other alt-coins.

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The result of the interest in dogecoins is becoming a an optimized circle, as increased volumes have led to additional products and exchanges beginning to provide services for the currency; leading to wider adoption, and even more created dogecoin products.    At its current pace, dogecoins appear primed to become the most widely accepted digital currency in 2014, second to only bitcoins.

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