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Dogecoin DOGE SHIB

By The Numbers: DOGE Achieves The Impossible, New ATH with BTC Pair

Reynaldo Marquez
by Reynaldo Marquez
4 years ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Breaking into the crypto top 10 by market cap, Dogecoin (DOGE) has had an impressive run over the past day. Many fail to understand the rally and its fundaments, but numbers tell a straightforward story.

DOGE is trading at $0,39 with a 197.3% profit in the 24-hour hours. In the past week, the cryptocurrency is up 540.9% with a 573.7% in a month. The one-year chart shows a 20,216.4% increase.

Dogecoin DOGE
DOGE breaking out in the 24-hour chart. Source: DOGEUSDT Tradingview

In terms of market cap, at the time of writing, Dogecoin is the fifth-largest cryptocurrency and has managed to overtake Cardano (ADA), Polkadot (DOT), Litecoin (LTC), Uniswap (UNI), Chainlink (LINK). These projects have some of the most important developer teams in the crypto industry.

According to trader Josh Rager, DOGE has the biggest trading volume in the past day for Binance U.S. With a $638,653,544, trading pair DOGE/USD has seen more activity than BNB, BTC, VET, ETH, ADA. Only the pair USDT/USD comes close to DOGE with a $121,930,293 daily trading volume. Rager added:

Front running $0.50 for a short in $DOGE was the play. Could still hit $0.50 and above – but nice trade for anyone who got in short around $0.45

Other traders have given up on trying to understand the reasons for the pump and have taken long positions on DOGE. Trader Kaleo shared an insight via Twitter predicting a Dogecoin to $1.00. This target could be the cryptocurrency’s top for the current bullish cycle.

Who would have thought we would ever see a new DOGE/BTC ATH again

No words

Crypto 🤯 pic.twitter.com/SLXgqLBtDx

— //Bitcoin 𝕵ack 🐐 (@BTC_JackSparrow) April 16, 2021

DOGE, reasons behind the rally

DOGE’s popularity seems to be a direct consequence of the “Elon Musk Effect”. In the past months, the entrepreneur has made several comments on the cryptocurrency contributing to the hype.

Musk even offered DOGE whales to buy their supply to tackle this cryptocurrency’s biggest “flaw”. According to Musk, DOGE’s supply is too centralized and should be redistributed to more users.

Doge Barking at the Moon pic.twitter.com/QFB81D7zOL

— Elon Musk (@elonmusk) April 15, 2021

In spite of the rally, Musk has yet to tweet about DOGE. If he does, the hype could come into a new stage rising Dogecoin’s volatility, but with another bullish momentum.

If DOGE rising to a $50 billion market cap requires an explanation, its creator Billy Markus A.K.A. Shibetoshi Nakamoto offered it:

Why is Dogecoin worth what it’s worth right now? It is for the following reason: Why not?

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Reynaldo Marquez

Reynaldo Marquez

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As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

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