According to CoinMarketCap, dogecoin is currently trading at $0.002687 per coin, reaching a six month high after struggling to recover from the bearish trend that started in September this year.
As numerous dogecoin supporters which like to call themselves “shibes” were expecting for a bullish reversal since the huge downturn in September after China decision to heavily regulate cryptocurrency market, it seems like dogecoin is finally showing signs of life.
Just days before China announced to ban cryptocurrency exchanges, dogecoin was trading at $0.0023 but, since then, the cryptocurrency that has started out as a joke, has struggled to recover until recently.
Despite concerns that the spike that happened during November 23 when dogecoin price jumped from $0.0014 to $0.0019 within a day, could be a temporary “pump and dump”, dogecoin has managed to keep up with the trend reaching today six month high. Last time when dogecoin was trading at $0.0026 was in July this year.
Earlier in October, one of the dogecoin founders, Jackson Palmer, who has been absent from the project for a while in an interview with Tai Zen, a technical analyst and cryptocurrency investor, did not exclude the possibility to return to the project which he initially started as a joke.
Although wearing a “started as a joke” badge, dogecoin has developed into a cryptocurrency that has many supporters and is considered to be one of the best solutions when it comes to micropayments due to very low fees and fast transactions.