The Dogecoin price is surging even as other cryptocurrencies remain in the red. DOGE is up by more than 25% in the past 24 hours while other currencies like Ripple, Ethereum, and Bitcoin have nosedived. Its market value has surged to more than $53.4 billion, making it the fifth-biggest cryptocurrency in the world.
DogeDay news: The Dogecoin price is surging today because of the so-called Dogeday. This is an online “event” where enthusiasts attempt to push its price to $1. This is possible since the price has already jumped by more than 16,500% from its lowest level in November.
In a note, the co-founder of Nexo wrote that there was a “tribe of investors, many of them Millennials, who see it as a cause, a movement. Dogecoin is symptomatic of the zeitgeist happening before our very eyes.”
DOGE has also rallied because of some of its biggest proponents. Elon Musk, the second-richest person in the world, has advocated for the currency while Mark Cuban has announced that Dallas Mavericks will start accepting it as a currency.
On the daily chart, we see that the Dogecoin price has been on an upward trend even as it faces substantial opposition from traditional investors. This has seen the currency rally above all moving averages. It is now attempting to move above the all-time high of $0.4453. Therefore, in my view, the currency will continue rising as enthusiasts attempt to move above $1. This prediction will be invalidated if it manages to drop below $0.0925.
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