Moonshot: Surging Dogecoin Poised to Become 3rd Most Valuable Cryptocurrency

Moonshot: Surging Dogecoin Poised to Become 3rd Most Valuable CryptocurrencyDogecoin’s market capitalization continued to surge late Wednesday, nipping at the heels of peercoin, the third most valued cryptocurrency, as measured by two closely-followed charting services.
And by most accounts, it’s only a matter of hours or days before the meme-based altcoin, inspired by a Shiba Inu dog, becomes the third most valuable virtual currency. Not bad for a two-month-old creation.
BitInfoCharts.com had dogecoin at $78.4 million, compared to peercoin’s $79.6 million as of this writing. (By the way, bitcoin is No. 1 with a $7.1 billion market cap and litecoin No. 2 with $426 million.)
Coinmarketcap.com has peercoin at $88.8 million, nearly tied with dogecoin which is at $88.3 million.
Various media reports attribute the rise of dogecoin this week to its acceptance by major crytocurrency exchanges, including Chinese exchange Bter.com, which has added dogecoin to its list of currencies. It can now be traded directly for Chinese yuan.
Last month, Canadian-based exchange Vault of Satoshi said it would begin trading dogecoin for US and Canadian dollars.
Meanwhile, South Florida-based Cryptsy.com has become a popular destination for trading dogecoins for bitcoins.
Dogecoin’s rise this week, with its value against the bitcoin more than doubling, defies the turmoil in the bitcoin community, which has seen many exchanges hit by massive “distributed denial of services” (DDoS) malicious attacks over the last two days.
The attacks came after Tokyo-based Mt. Gox, formerly the busiest exchange, shut off withdrawals, claiming that a bug in the bitcoin network leaves bitcoin wallets vulnerable. Most bitcoin advocates and developers have debunked Mt. Gox’s claim.

Leave a Reply

Your email address will not be published. Required fields are marked *