Dogecoin (DOGE) has resumed its rally into a second month, adding as much as 67% from its previous floor of 70 satoshi. It hit 117 satoshi 36h ago and is now trading at 94 ($0.00037).
DOGE had been showing a bullish trend for the past week and a half, stubbornly holding onto earlier gains in a fashion typical for assets still in bull-mode.
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DOGE had been trading at its highest bitcoin-denominated level since April. It has now surpassed Nxt in market cap rank, now in 5th, 3rd among mineable currencies. Its total valuation is currently $36 million.
DOGE has gained as much as 400% since flatly trading at 24 satoshi one month ago. In retrospect, that period was a critical one for DOGE trading. The coin had languished near all-time lows for several weeks, offering mixed signals of both a bottoming out and further declines into the oblivion of altcoin history.
Although a good part of the gains have been well-earned, one can’t deny that such a multifold rise in so short a time makes DOGE ripe for a sizeable pullback, although the current behavior suggests that this will not be immediate.