Dogecoin Marks Decade of Defying Doubters and successfully crosses the $14 billion market cap creating an enthusiasm in the investors.
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Dogecoin Marks Decade of Defying Doubters as it crosses $14B marketcap
The playful and dog-themed cryptocurrency, Dogecoin, has experienced a remarkable 27% price rebound to reach $0.10 during its 10th-anniversary celebration. This surge in value, coupled with over $600 million now locked in DOGE futures, signifies a renewed interest in the meme cryptocurrency.
10% Price surge
Celebrating its decade milestone, Dogecoin has not only regained popularity but has also seen a price increase of over 10% within 24 hours, surpassing the $0.10 mark for the first time since April.
Investor enthusiasm is evident with the substantial amount of funds locked in open Dogecoin futures contracts across various exchanges. Traders are leveraging the high volatility of DOGE to capitalize on the broader cryptocurrency market rally, which has propelled Bitcoin above $43,000.
Bitcoin Price Movements and Dogecoin Fluctuations
While historically mirroring Bitcoin’s price movements, Dogecoin tends to exhibit more extreme fluctuations, falling harder but also rising more rapidly. The recent 27% price gain aligns with Bitcoin’s surge of over 15% in the same period.
Today vs 2021 DOGE/BTC ratio
Despite this positive momentum, Dogecoin lags significantly behind its 2021 highs compared to Bitcoin, as indicated by the depressed DOGE/BTC ratio. This suggests the potential for the rally to continue if overall crypto sentiment remains bullish.
Elon Musk: The Dogefather
No discussion of Dogecoin’s price dynamics is complete without acknowledging the influence of Tesla CEO Elon Musk, often referred to as the “Dogefather.”
Musk’s vocal support on social media has consistently impacted DOGE prices, and the cryptocurrency community eagerly anticipates a birthday message from him that could once again propel the coin “to the moon.”
To conclude, dogecoin completed a decade of defying doubters and crossed the $14B market cap which marks a great milestone for the memecoin community and has sparked an enthusiasm in the investors.
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