DogeCoin (DOGE) Sliding After Months as a Top Market Performer

DogeCoin (DOGE) is sliding right now both in dollar prices and in Satoshi, after about two and a half months of being the top performing coin in the markets. As of 12:00 UTC, DOGE had slid by 9.46% in the past 24 hours and wiping about 5% in just the last hour of trading. DOGE slid to $0.005495, with a trend to increase the losses in the short term.

The coin reached 87 Satoshi, losing more than 9% in BTC prices. In the last hour at the time of writing, DOGE losses had accelerated on HitBTC and Gate.IO. DOGE is now the second-most traded asset on Gate.IO, in the pair with Tether (USDT).

Tracking the performance of coins, DOGE turned out to be the top performer for August, and took the third spot in July. For September, DOGE is also the biggest gainer, while other assets have marked significant losses.

In the past week, DOGE trading volumes have decreased from above $60 million to the equivalent of $30 million. DOGE, however, has shown a significant slide against BTC, after repeating the peak from January 2018.

DOGE currently sees around 31% of its trades against USDT, and 57% against BTC, based on data from Cryptocompare. The asset is either going through a relatively small slide, or starting to unravel all the gains of the past months. In the past, DOGE has behaved that way, with significant price spikes, followed by a relatively rapid crash.

However, DOGE still sees a robust number of transactions and ranks tenth on Blocktivity. Once again, DOGE has more transactions than Bitcoin Cash (BCH). But despite the price hike, Bitinfocharts shows that the DOGE hashrate has been sliding slowly over the past three months, along with the hashrate for Litecoin (LTC).

But DOGE remains unpredictable. It is always possible the price hike was a temporary phenomenon, and DOGE remains a meme coin with no real marketing and just periods of more active speculative trading.

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.