- Dogecoin reclaimed a $26.5 billion market cap as the price towered to $0.186.
- Outpacing Cardano for the 9th spot, DOGE builds a strong social presence.
- Dogecoin’s founder Shibetoshi Nakamoto confesses his $1 million BTC wish.
Dogecoin (DOGE) embarked on a remarkable journey to claim the weekly heights of $0.186 today, following the leading digital asset Bitcoin (BTC), which broke through the $69,000 resistance barrier at 5 PM. Following the news, Dogecoin forced Cardano (ADA) to step aside for the 9th position by global crypto market cap.
Tapping $69,290.35 as the highest point so far, Bitcoin swiftly retraced to trade slightly below $69K, while Dogecoin’s high price correlation with BTC significantly boosted the canine crypto. According to on-chain data by IntoTheBlock, the BTC vs. DOGE price correlation is at 0.91, but that’s not the only factor driving the double-digit run.
The memecoin bonanza continues on crypto-friendly social media platforms, with Dogecoin mentions taking up the lion’s share of all memecurrency-related social activity. According to blockchain’s social data analytics firm LunarCrush, DOGE witnessed a tremendous surge in mentions last Saturday, with 21.68 million interactions.
DOGE Creator Shares $1M Bitcoin Dream
During Dogecoin’s run to $0.1727 on Saturday, the light-hearted DOGE Army shared memes with encouraging messages about DOGE’s growth and possible X Payments inclusion. Among prominent crypto community members was Dogecoin’s founder, Billy Markus.
Alternatively known as Shibetoshi Nakamoto, he tweeted his wish for Bitcoin to “go to 1 million dollars per coin while i am sleeping.” Applauded with laughs, the former IBM developer and computer virtuoso posted the message a day before Bitcoin (BTC) tacked on the bullish outbreak to claim a 7-day height at $69,290.35.
As Bitcoin and Dogecoin are the two largest blockchains powered by a Proof of Work (PoW) consensus, the historically high price correlation is a key factor for DOGE’s bullish price momentum. On the other hand, many of Dogecoin’s bull runs are associated with Elon Musk’s X vision, as the community expects to see Dogecoin’s integration for P2P payments.
On the Flipside
- With a whopping trading volume of $5.22 billion over the past 24 hours, DOGE could face a strong resistance wall upwards due to selling orders piling up to $200 million.
- In contrast to $140 million pending buys, this gap confirms the overbought condition on Dogecoin’s 1-day technical charts, pointing to a 69.07 Relative Strength Index (RSI).
Why This Matters
Memecoin rallies are often driven by social hype, which raises awareness about blockchain technology and its capabilities.
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