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Dogecoin is letting the tiger out these days: the dog-themed cryptocurrency continues its aggressive run that has taken it to its highest level since May.
At the start of today, the cryptocurrency recorded a whopping weekly gain of 105%. From here, however, things could go downhill for DOGE: In the last 24 hours, the meme coin has lost 9.59%. Is a correction imminent?
According to Coinmarketcap.com, DOGE is currently trading at $0.117. DOGE has posted a two-week rise of 103.3% and a month-on-month rise of 94%. The asset even briefly touched the $0.140 mark, but immediately entered a price correction base.
Dogecoin began to rally on October 25 as the broader crypto market also managed to break out of its slump. The asset continued to rise after it was announced that Elon Musk is acquiring social media giant Twitter for $44 billion.
Dogecoin Rally Drives Over Cardano
As DOGE is in the midst of upside momentum, the spot rate is not the only aspect where it has performed well in the past few days.
Dogecoin was even able to move ahead of Cardano in the top 10 cryptos in terms of market capitalization.
The altcoin is now ranked 8th with an overall valuation of $16.468 billion, doubling its market cap from $8.1 billion before the big price hike. It is currently ahead of Cardano ($9 billion) and Solana ($10 billion).
In terms of trading volume on various crypto exchanges, the dog-branded currency is also doing well. On Coinbase, it recorded a volume of $302 million in the last 24 hours and came third on the list of the most traded currencies over the same period.
In addition, the trade between DOGE and stablecoin Tether on Binance reached $1.8 billion in the past day. This represents 10% of the total trading volume of the exchange platform during this time frame.
Dogecoin on Twitter: Elon Musk remains silent on the matter
Elon Musk hasn’t mentioned Dogecoin once since he bought Twitter. However, that did not stop the cryptocurrency from taking advantage of the situation.
Finally, one of the main reasons for the altcoin’s popularity is its association with the CEO of Tesla. After all, it allows the use of Dogecoin as a payment method for some Tesla products.
In April, Musk ironically floated the idea on Twitter that users could use Dogecoin as a payment method for the premium Twitter Blue service.
This could be the reason behind the massive buying activity currently seen for Dogecoin: Investors believe that DOGE will once again have a massive bullish run once this plan is implemented.
Coincierge.de tip: new upcoming gaming coin Calvaria (RIA)
The new gaming coin Calvaria (RIA) is also enjoying a huge run right now – a cryptocurrency that wants to combine the classic world of gaming with crypto. For this purpose, the Calvaria team is developing a complex ecosystem in which you can also participate without a crypto investment – so millions of potential players can participate. At the heart of it all: a play-to-win trading card game with different factions, decks and unique cards – players develop ingenious strategies and use them to compete against their opponents.
This has already done Axie Infinity a success worth billions – and Calvaria goes one step further, also bringing casual gamers on board who are not familiar with blockchain and Co. At the moment, Calvaria is in presale, so it is not yet available on crypto exchanges. Calvaria has already received almost 1 million dollars from investors here – an insider tip with potential hype!
— Calvaria: Presale is Live! ✨calvaria.io/presale ✨️ (@CalvariaP2E) October 31, 2022
Text credit: Bitcoinist
Last updated on 31 October 2022
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