September was a very bullish month for Dogecoin, as several positive announcements restored investor faith in the coin and increased the Dogecoin price. Dogecoin even reclaimed a top-five market cap ranking. However, during the month of October the Dogecoin price has declined considerably. Perhaps the rocket ship to the moon has run out of fuel.
Dogecoin Price Rocket-Ship Runs Out of Fuel
It takes a lot of fuel to send a rocket-ship to the moon–especially when the ship has more than 87,000 passengers (according to the /r/Dogecoin subreddit). Apparently, Dogecoin did not pack enough fuel for the trip–at least not this time. Since October 8, the Dogecoin price has declined 22%. On that date, the Dogecoin price was 82 satoshis. Over the next two days, the price dipped to 75 satoshis. The Dogecoin price then inclined a bit, reaching 78 satoshis on October 12. But the recovery would not last. On October 13, the Dogecoin price fell 2 satoshis to 73. The price decline continued for the next two days. At press time, the Dogecoin price was 68 satoshis.
The recent price decline dropped Dogecoin out of the cryptocurrency market cap top five. Nxt now holds the fifth-place spot with a market cap of ~$25 million. Dogecoin’s market cap has fallen to ~$24.7 million, ranking it sixth on the market cap charts and a few hundred thousand dollars behind Nxt.
Despite the recent price decline, investors should sit tight. Dogecoin retains a favorable ranking on CoinGecko, which measures overall coin health and community involvement. CoinGecko’s ranking algorithm places Dogecoin second with a 77% rating and a 3% edge on third-place Litecoin. Dogecoin has recovered from price declines before. Consequently, investors should still consider Dogecoin a solid long-term hold. The moon will still be there when Dogecoin is ready to attempt another flight.
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Disclosure: The author is paid in and holds investments in bitcoin. He is not invested in or affiliated with any of the altcoins discussed in this article. Any advice contained in this article is solely the opinion of the author and does not reflect the views of CCN. Neither the author nor CCN is liable for your investing decisions, so do your homework and never invest more than you are willing to lose.
Images from Dogecoin and Shutterstock.