Dogecoin reached an all-time high in price in December 2014 when it passed the US$0.01 mark for the first time, although it has yet to challenge similar historical highs achieved by bitcoin since its inception. At present, dogecoin appears on track for a potential further rise of three times towards US$1 within the next 12 months. A major driving factor behind this bullish scenario is that more people are starting to use m/dogewallet as a safe way to store their currency and make transactions via PayPal or credit card details processed on exchanges such as Coinbase, Bitfinex and Kraken. This has led some investors to predict a hashrate increase of around 2 million new doges per day as mining power becomes concentrated throughout the network beyond those involved with ditching Litecoin earlier this year.
further reading – What is dogecoin – Everything you need to know about DOGE currency