Dogecoin, one of the most popular digital currencies ever, has been in a slump since Jan. – Feb. 2014 when it was trading at over 3 times it currents value.
Many cryptocurrency miners, traders, investors, and enthusiasts have been watching as the Dogecoin price has steadily declined. Is it losing momentum? Is the brand or mime just not able to keep up with the evolving crypto world?
Recent news of a massive attack on multiple home computer systems that hacked systems to gain control of devices to mine over 500 million Dogecoin has definitely not helped in the matter. This event alone will probably help keep the prices down in the foreseeable near future.
This hacking event doesn’t explain why the prices starting falling back in Feb. 2014. Overall coin values dropped when Bitcoin prices fell after multiple MTXGOX and related negative media stories persuaded the market. Recent reports of price manipulation earlier this year on the Bitcoin market seem to be more to blame for a loss in market values than the negative stoies presented. Either way Dogecoin and many coins followed the overall market and now Dogecoin is sitting what could be a new problem which is “being to popular”?
We are not sure which problems specifically are driving prices down, but if the coin can continue with its largely known charitable events and marketing extravaganza’s then it could continue to roll past these recent lows and make a comeback in the alt-coin markets.