Dogecoin Soars 17% in 24 Hours, Surpassing $0.21 Milestone

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In a surprising leap that deviates from the stagnant performance of other leading cryptocurrencies, Dogecoin has made a remarkable rally, soaring by 17% in less than 24 hours to vault over the $0.21 landmark. On-chain data substantiates this extraordinary surge, indicating a significant inflation in trading volume for the cryptocurrency famously derived from a meme.

While the major cryptocurrencies have exhibited a lack of momentum over the past day, Dogecoin, the primary meme coin, has set its own pace with a robust rally. Recent trends reveal that this ascendance has been meteoric in the last 24 hours, with Dogecoin rocketing over 17%, exceeding the $0.21 level comfortably. Right amidst the top 100 cryptocurrencies ranked by market capitalization, Bitcoin Cash (BCH) alone matches Dogecoin’s stride in terms of similar yield over the same timeframe.


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However, Dogecoin holds its own supremacy over BCH over the course of one week, achieving returns skyrocketing over 40%, with BCH at a trailing 33%. The vigor witnessed in these two assets primarily could be attributed to Coinbase’s announcement of adding futures products for both, starting the 1st of April. Litecoin (LTC) will also join their ranks on the platform on the same day, though it’s showing a more subdued performance thus far.

When it comes to market capitalization, Dogecoin holds a firm eighth position in the sector. Currently, with the market capitalization teetering just shy of $31 billion, it isn’t too long a stretch for Dogecoin to surpass USD Coin (USDC) sitting at seventh, given Dogecoin maintains its upward trajectory.

An outstanding spike in transaction volume further cements speculations about a rallying Dogecoin. The Transaction Volume parameter quantifies the overall amount of tokens (in USD) in motion on the blockchain within the past day for a chosen cryptocurrency. This parameter’s value is a reliable gauge of network users’ vigorous monetary exchanges, thus serving as an indication of the asset’s elevated demand.

However, it’s critical to bear in mind that both buying and selling trends significantly influence this indicator, causing a massive sell-off to also manifest as a peak in the metric. Therefore, while booming volumes usually contribute to the sustainability of any rally owing to increased asset interest and inflow of potential fuel, they alone aren’t a guarantee of a continued upswing. The inherent uncertainty of the trading dynamics makes it challenging to definitively predict the course the rally might undertake in the future.