Dogecoin has risen by 50% in the last 24 hours and is therefore the crypto asset with the best performance among the top 100 in terms of market capitalization.DOGE recorded strong volume figures at this rally: According to CoinGecko, the crypto currency was worth over 700 million last day US dollars traded.
Dogecoin rally shocked many investors. Just yesterday there were some Ethereum Classic proponents on Twitter who said that ETC was prepared to flip Dogecoin in terms of market cap. Now DOGE is way above ETC when it comes to rank.
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Dogecoin is exploding higher
While this rally took many by surprise, it is worth noting that DOGE has long seen an explosive course of price action in previous bull markets. For some reason, DOGE is experiencing extremely strong exponential rallies every few years, making new highs against the US dollar and sometimes even against Bitcoin.
At current prices, DOGE is trading at the highest price since the rally in February 2018.
DOGE now has a market capitalization of nearly $ 1 billion.
Assuming that Dogecoin is following a similar path as it has in previous bull cycles, some think there is room to run.
This rally comes after Elon Musk, CEO of Tesla and SpaceX, started jokingly tweeting about the cryptocurrency.
While the Tesla founder is unlikely to actually buy Dogecoin, his tweets are having a noticeable impact on the DOGE market. For example, after tweeting a meme about DOGE, the cryptocurrency rose by around 20% within a few hours. The cryptocurrency has also responded to some of its other tweets on the same topic.
Musk seems to be a fan of the cryptocurrency culture and often says that it is his favorite cryptocurrency.
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Featured Image from Unsplash Chart from TradingView.com Price Tags: Dogecoin Price Shoots 50% Higher as Bitcoin Nears $30,000