Much of the cryptocurrency has been seeing declining fortunes over the past nine months. However, as the sell-off deepens, one coin is bucking the trend. Dogecoin which was surprisingly intended to be a joke has tripled in value over the last two months. In the same period, other coins have significantly lost ground.
Part of Dogecoin’s surge is attributable to its addition to Robinhood in July, the fast-rising trading platform in the US with zero trading fees. It was also recently demonstrated that its network could successfully be linked to that of Ethereum, creating further excitement in the market.
Dogecoin is now ranked among the top 20 coins with a market capitalization of about $736 million according to data from CoinMarketCap. It is also one of the most traded tokens right now.
DOGE traded at $0.0021 on August 14. Today, it is trading at $0.0063 representing an increase of about 190% in less than a month. It is up 1% in the last 24 hours with $68 million worth of tokens traded, data from CoinMarketCap indicates.
Dogecoin sports a popular meme, the face of a dog, as its logo. The cryptocurrency was initially created to make fun of some ICOs in the space out to grab money.
Despite its creator still thinking of it as ridiculous, Dogecoin is now far outperforming other highly regarded coins. Second-placed Ethereum has for instance lost about 70% of its value since January while Bitcoin is trading at about a third of its value over a similar period.
Though it has few commercial applications, Dogecoin is often used by netizens to tip others for quality content.
Dogecoin was created by Jackson Palmer of Adobe who has repeatedly expressed his disappointment at the amount of attention the coin is receiving.
For now, Dogecoin is providing much-needed hope in the cryptocurrency space.