At the time of writing this article, Bitcoin was trading at $32,919.17, reflecting a gain of 11.9% in the past 24 hours. Interestingly, before hitting an all-time peak, the numero uno crypto plunged sharply to hit $30,000.
While majority of crypto traders and analysts are focused on Bitcoin, some of them have started looking at altcoins, specifically Dogecoin. The meme crypto, well-known for attracting Elon Musk, CEO of Tesla, has gained more than 100% in the last 24 hours.
That has made Doge the best performing crypto among the top 100 cryptocurrencies in terms of marketcap. Doge, which was trading at $0.0098, has gained 116.9% in the past one week. With a market cap of $1.25 billion, Doge is now the 28th largest crypto.
Doge’s price action chart clearly indicates that it is the quickest surge every recorded, outclassing the earlier uptrend. The crypto has managed to appreciate 200% in the past two weeks, with 100% gain coming in the last 24 hours. And the surge seems to be a cyclical one.
Whenever Bitcoin surges, Doge has recorded parabolic rises. Several argue that it is an outcome of retail allurement the crypto has created because of the utilization of “Doge” meme.
Technical charts can hardly provide an indication of a likely surge in Dogecoin. In fact, before the breakout, with respect to Bitcoin, Doge was placed near a major technical support level of 15 satoshis. This implies 0.000000015 BTC need to be spent for buying one Bitcoin.
Historically, the level mentioned above has been the major support level for the crypto. As a matter of fact, over the last five years, the crypto has never breached the level. When the surge started, investors anticipated a parabolic move upwards, which usually happens when Dogecoin violates technical resistance.
Meanwhile this is up over 2x vs BTC of its all time 15 SAT floor
Nothing is ever guaranteed but when $DOGE pumped it usually meant something https://t.co/dxMZzjkMLO pic.twitter.com/HyIRZlIQr0
— //Bitcoin 𝕵ack 🐐 (@BTC_JackSparrow) January 2, 2021
The public has already taken notice of the rally. The hashtag “#Dogecoin” trended for a short period of time on the US and Canada centered Twitter platform, with several thousands of retailers discussing about the meme crypto.
2 cents can i get a 2 cents #dogecoin
— KEEM 🍿 (@KEEMSTAR) January 2, 2021
The uptrend has come soon after Elon Musk has started tweeting about the crypto once again. He stamped Doge as his “favorite cryptocurrency”, echoing the views of several crypto enthusiasts who are active in social media platform.