In recent days, Dogecoin (DOGE/BTC) fell to its lowest level since the early stages of its September rally, hitting 49 satoshi. It temporarily broke through its mid-December low of 50, but has since held stable near 51 ($0.00014) for the past week.
Of particular concern for dogecoin holders may be the unusually low trading volumes, a signal of possible waning interest in the coin. Only $56,000 worth has been traded during the past 24 hours, well below typical levels that by-far exceed $100,000.
Much of dogecoin’s bitcoin-denominated price activity in 2015 appears to have been driven by bitcoin prices themselves, with dogecoin’s dollar-denominated value maintaining a steadier profile. DOGE’s rise to 70 satoshi in mid-January was simultaneous with bitcoin’s sharp fall to below $200, both moves being of similar magnitude.
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Similarly, it can be argued that its February slump, now extended into March, has been largely affected by bitcoin’s appreciation. Bitcoin is up by nearly 30% since its early-February trough in the low $200s, with DOGE off by 25% relative to bitcoin during the same period.
The mediocre activity contrasts sharply with that of one year ago, when DOGE prices soared multifold to over 300 satoshi despite widespread selling in the crypto markets. Indeed, unlike many other altcoins, DOGE has habitually abstained from amplifying the price movements of bitcoin.
Its market cap has held relatively steady near $14 million during the past month, but the failure to make progress has relegated Dogecoin to 7th in market cap rank.