Dogecoin price is up 100% in the past day alone, and it has gained over 200% in the past two weeks
Parallel to Bitcoin’s bullish momentum is the strong growth of Dogecoin price. This altcoin meme has been a surprise when it has increased by over 100% in the past 24 hours. At press time, DOGE is trading around $ 0.0108, recording a 138% increase in the past seven days, ranking 22nd in the CoinMarketCap rankings.
DOGE/USD 4-hour chart | Source: TradingView
Most eyes are on Bitcoin, but some are on Dogecoin price
Dogecoin is a cryptocurrency meme famous for doing things no one else can do: Turn a funny meme into a cryptocurrency and have real value; Gets the attention of Elon Musk, CEO of Tesla. And this altcoin has increased by more than 70% in the last 24 hours, at press time.
This makes DOGE the best-performing cryptocurrency among the top 100 cryptocurrencies by market cap. DOGE currently has a market cap of $ 1.5 billion, making it the 22nd largest cryptocurrency on the CoinMarketCap chart.
This seems to be the fastest recovery ever made by DOGE, far exceeding the speed of previous bulls. While DOGE is only up 100% in the past day, it has gained more than 200% in the past two weeks.
This demonstration seems cyclical.
In every one of Bitcoin’s bull markets, DOGE experienced strong parabolic rallies. Many would argue that this is a byproduct of the retail appeal that cryptocurrencies have built up due to the use of the “Doge” meme, something that is almost immortal in internet culture. There is also a technical predicate for this demonstration.
Before the boom higher, DOGE was in a key technical support position against Bitcoin, 15 satoshi. That means it costs 0.000000015 BTC to buy a Dogecoin. This used to be the level of support for cryptocurrencies. In fact, in the past 5 years, the cryptocurrency has never broken that level.
When the rally begins, investors expect a higher parabolic move, which usually happens when Dogecoin breaks past technical resistance levels.
Meanwhile this is up over 2x vs BTC of its all time 15 SAT floor
— //Bitcoin 𝕵ack 🐐 (@BTC_JackSparrow) January 2, 2021
The “#Dogecoin” hashtag has become trending on Twitter in Canada and the US today, attracting tens of thousands of mentions as retail investors share their thoughts on cryptocurrencies online.
This rally comes shortly after Elon Musk started retweeting crypto. He once named the coin his “favorite cryptocurrency” when he became attached to internet culture.
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