Dogecoin (DOGE) rises over 100% – as bitcoin targets $35K
Bitcoin has exploded once again in the last 24 hours, moving quickly higher after crossing the $34,000 price resistance. Currently, BTC is trading for $33,950.
Most eyes are on Bitcoin, although some are also looking at Dogecoin. The meme cryptocurrency is best known for attracting the attention of Elon Musk, CEO of Tesla – and has risen 100% in the last 24 hours.
This makes it the best Bitcoin System performing crypto asset in the top 100 by market cap. DOGE now has a market cap of $1.5 billion, making it the 24th largest cryptocurrency.
Chart of DOGE’s price performance over the last three days from TradingView.com.
This appears to be DOGE’s fastest rally ever – surpassing the speed of previous bull market rallies.
Let’s try to take a look at what’s going on
While DOGE has risen 100 per cent in the last few days alone, it has gained over 200 per cent in the last two weeks. This rally appears to be cyclical.
In each of bitcoin’s bull markets, DOGE has experienced a strong parabolic rally. Many argue that this is a by-product of the appeal to retail investors that the cryptocurrency has built up because of the „Doge“ meme, which is almost immortal in internet culture.
There is also a technical predicate for this rally.
Before the explosion to the upside, DOGE was sitting at a crucial technical support against bitcoin – 15 satoshis. This means that it cost 0.000000015 BTC to buy one Dogecoin.
This has historically been a support level for the cryptocurrency. In fact, the cryptocurrency has never broken this level in the last five years.
When the rally began, investors expected a parabolic move higher, as is common when Dogecoin rises above technical resistance levels.
The public is taking note
The public is taking notice of this rally.
The hashtag „#Dogecoin“ briefly trended on Canadian and US Twitter today, garnering tens of thousands of mentions as small investors shared their thoughts on the cryptocurrency online.
Youtuber „Keemstar“ had also tweeted about the cryptocurrency. And the rally follows a tweet from Elon Musik about the cryptocurrency. He once called the coin his „favourite cryptocurrency“ because he feels connected to the associated internet culture.