The past month has been one hair-raising experience for most crypto investors. The total value of their digital coins took a significant hit, thanks to the two market plunges in a row with barely a month in between them.
But not everyone had such bad luck. A lucky group of investors actually made a handsome profit during the same period. While most tokens entered into a downward spiral during the two corrections, Dogecoin (DOGE) bucked the trend and soared to a new high.
Dogecoin Outperforms Other Cryptos Plunge
DOGE is currently trading at $0.006308, but it reached as high as $0.006904 on Sept. 11, based on data from CoinMarketCap.com. For comparison, the token was only valued at $0.002370 a month ago, on Aug. 11.
Lucky investors who stuck with the crypto for just two months earned $0.004093 per token or around a 172-percent increase in value. This is a striking contrast to the rest of the cryptos, which saw massive double-digit declines in their valuations during the same period. While the entire market is now showing signs of recovery with most cryptos showing positive price variances in the past days, they are still well below their month-ago levels.
Theories on Dogecoin’s Rise
There are many theories offered in trying to explain how DOGE managed to buck the recent downward trend. According to Business Insider, investors started to notice the token in July 2018, when it was added to Robinhood’s list of tradeable cryptos. In addition, the bridge linking Dogecoin to the Ethereum blockchain was recently demonstrated to be a success.
Robinhood’s zero-commission platform might have also increased DOGE’s appeal to investors. Whatever the actual motivations the investors might have in buying the token, they were overwhelmingly bullish enough to propel the token’s market cap to $750 million, earning it a spot among the top 20 cryptocurrencies.