Dogecoin (DOGE) continues to soar, gaining another 21% today after a brief pause. It has now skyrocketed by 98% in the last 4 days, and 129% since its plateau 1 week ago. It now stands at 0.79 μBTC (0.073¢) on Cryptsy. This represents a strong recovery after losing around 65% a week earlier.
Volume was especially heavy, standing at 4753 BTC on Cryptsy, equivalent to $4.4M. The volume in BTC was more than 10x as much as BTC’s next greatest digital trading partner, LTC, whose volume was only 411 BTC. The size of bitcoin denominated is even more impressive when taking into account the sub 10 cents value per dogecoin. The volume is worth watching as it is most likely to lead to additional exchanges listing dogecoin. As a top performer for Cryptsy, the financial benefits of offering dogecoin trading may be enough on its own to attract additional exchanges. In terms of specific exchanges, after Chinese exchange, BTC-38 added quark today it led to a spike higher in that digital currency’s prices. A similar addition of dogecoins at BTC-38 would be expected to also trigger a surge in demand and higher prices.
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The cryptocurrency has become increasingly popular of late, as competing interests into currencies like Catcoin and Coinye have waned and Dogecoin has proven the most promising amongst speculators. Its value has likely benefited from greater publicity, a catchy theme amongst the cryptocurrency community and a strong backing from its founders and community. It also comes in one of the smallest denominations amongst cryptocurrencies, thereby providing a psychologically pleasing entry point for speculators looking to jump in “while the value is low”.
Dogecoin currently has a market cap of $19.3M, now ranking 9th in market cap among digital currencies.