Even though the precise grounds for the uptrend is not clear, the cryptocurrency market’s well-known meme coin is slowly turning into a preferred mode of payment in post-pandemic business scenario.
Data provided by CoinGecko.com indicates that DOGE rallied 75% from a low of $0.07 in the morning hours of April 13 to reach a record high level of $0.12613 on trading volume of $5.40 billion.
Dogecoin’s price rally has turned out to be one of the noted events of 2021 as popular influencers such as Elon Musk, Mark Cuban and Snoop Dogg are mighty supporters of “Dogecoin Army” as demonstrated by a big number of DOGE-supportive tweets on their webpages.
VORTECS™ data, an indicator owned by Cointelegraph Markets Pro, started to spot a bullish view for DOGE on April 11, earlier to the latest price increase. The VORTECS™ Score is basically an algo based matching of past and prevailing market data drawn from an amalgamation of data points such as trading volume, market sentiment, latest price fluctuations and Twitter activity.
As shown in the chart, the VORTECS™ Score for DOGE initially started turning into green color on April 8 and then hit a high of 67 on April 10, almost three hours before recording a short 75% upside on April 11. Following the price rally, the VORTECS™ Score started to quickly increase on April 12 and hit a high of 87 on April 13 as DOGE started to rise by another 75%.
But cryptos have started receiving mainstream attention, with fresh indications of adoption being shown every day, ventures such as dogecoin with huge community following and celebrity support are recording a new wave of interest as fresh users step in to the domain and look for the next cycle of rally.