By assuming a phenomenological form for the ratio of the dark energy and matter densities ρX ∝ ρmaξ, we discuss the cosmic coincidence problem in light of current observational data. Here, ξ is a key parameter to denote the severity of the coincidence problem. In this scenario, ξ = 3 and ξ = 0 correspond to ΛCDM and the self-similar solution without the coincidence problem, respectively. Hence, any solution with a scaling parameter 0 < ξ < 3 makes the coincidence problem less severe. In addition, the standard cosmology without interaction between dark energy and dark matter is characterized by ξ + 3ωX = 0, where ωX is the equation of state of the dark energy component, whereas the inequality ξ + 3ωX ≠ 0 represents non-standard cosmology. We place observational constraints on the parameters (ΩX,0, ωX, ξ) of this model, where ΩX,0 is the present value of density parameter of dark energy ΩX, by using the Constitution Set (397 supernovae of type Ia data, hereafter SNeIa), the cosmic microwave background shift parameter from the five-year Wilkinson Microwave Anisotropy Probe and the Sloan Digital Sky Survey baryon acoustic peak. Combining the three samples, we get ΩX,0 = 0.72 ± 0.02, ωX = −0.98 ± 0.07, and ξ = 3.06 ± 0.35 at 68.3% confidence level. The result shows that the ΛCDM model still remains a good fit to the recent observational data, and the coincidence problem indeed exists and is quite severe, in the framework of this simple phenomenological model. We further constrain the model with the transition redshift (deceleration/acceleration). It shows that if the transition from deceleration to acceleration happens at the redshift z > 0.73, within the framework of this model, we can conclude that the interaction between dark energy and dark matter is necessary.