Dogecoin is up 50% in the past 24 hours, making it the best-performing crypto asset of the top 100 by market capitalization. DOGE is seeing strong volume figures on this rally: there has been over $700 million worth of the cryptocurrency traded over the past day.
Dogecoin’s rally has shocked many investors. Just yesterday, there were some proponents of Ethereum Classic on Twitter saying that ETC was primed to flip Dogecoin in terms of market capitalization. Now, DOGE is far above ETC when it comes to rank.
Dogecoin Explodes Higher
While this rally has surprised many, it’s worth noting that DOGE has long had an explosive bout of price action in previous bull markets. For some reason, DOGE undergoes extremely strong exponential rallies every few years, moving to new highs against the U.S. dollar and sometimes even against Bitcoin.
At current prices, DOGE is trading at its highest price since the February 2018 rally.
DOGE now has a market capitalization of nearly $1 billion.
Assuming that Dogecoin follows a similar path to the ones it took in previous bull cycles, some think that it does have room to run.
This rally comes after Elon Musk, CEO of Tesla and SpaceX, has begun to tweet about the cryptocurrency in a joking manner.
While it is unlikely that the Tesla founder is actually buying Dogecoin, his tweets have had tangible effects on the DOGE market. After he tweeted a meme about DOGE, for instance, the cryptocurrency gained around 20% in the span of a few hours. The cryptocurrency has reacted to a number of his other tweets about the subject matter too.
Musk appears to be a fan of the cryptocurrency’s culture, often stating that it is his favorite cryptocurrency.