Dogecoin Touches 10 Cent Level After Surging 17% — Leaves Shiba Inu, Bitcoin, Ethereum In The Dust

Dogecoin DOGE/USD, known for its origin as a satirical meme a decade ago hit $0.10, on Wednesday morning, marking a 17% rise within 24 hours. This performance excelled past that of its rival Shiba Inu SHIB/USD and even outstripped leading cryptocurrencies such as Bitcoin BTC/USD and Ethereum ETH/USD.

What Happened: The rise comes as Dogecoin celebrates its tenth anniversary, it has achieved the status of being one of the most recognized cryptocurrencies, currently ranking at number nine by market capitalization.

SHIB was up 11% while BTC, ETH rose 5 and 2% respectively in the last 24 hours.

According to data from LunarCrush, Dogecoin’s presence on social media has surged, with a 72.94% increase in social dominance and a 23% rise in social interactions in the last 24 hours. Social dominance is essentially a measure of a cryptocurrency’s prominence across social media platforms, akin to market dominance, but focusing on social volume as opposed to market capitalization.

CoinmarketCap data shows a 50.48% jump in Dogecoin’s 24-hour trading volume.

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: Over the years, Dogecoin has built a substantial supportive community and delivered significant profits to its early backers. A notable spike in its history occurred in May 2021 when Elon Musk, a prominent supporter, hosted “Saturday Night Live.” During the episode, Musk talked about Dogecoin several times, which coincided with the cryptocurrency’s all-time high of $0.7376, although it later declined from its peak.

On Tuesday, a pseudonymous crypto analyst predicted Dogecoin’s future. On Monday, Captain Faibik stated, “DOGE train has already left the station… An epic pump Incoming.” This analyst presented a chart showing Dogecoin’s potential ascent from recent prices of $0.088 to a goal of $0.70, suggesting a 700% increase by July 2024 if their forecast is accurate.

Photo by milan2102 on Shutterstock

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