Over the past few months, there have been expectations of an extremely strong Dogecoin (DOGE) rally.
Each and every bull market/trend over the past half-decade plus now has been marked by an extremely strong rally in the DOGE price. It’s a meme-based cryptocurrency of course, though has done really well.
This past day, the rally finally began to play out for everyone’s favorite meme cryptocurrency.
Per CryptoSlate market data, DOGE has appreciated by over 200 percent in the past 24 hours, pushing from the $0.008 range to over $0.023 right now. The cryptocurrency is currently trading at all-time highs and a market capitalization of $3 billion. The cryptocurrency has seen a strong spike in volume, with over $10 billion worth of DOGE traded across exchanges in the past day.
The cryptocurrency is now one of the top-20 cryptocurrencies in market capitalization, bypassing a number of DeFi plays.
This rally comes as certain prominent names within WallStreetBets, the famous stock trading subreddit, have begun to touch on the cryptocurrency. One account called “WSBChairman,” who jokes he is the Chairman of the forum, tweeted about DOGE last evening, kicking off a move from the $0.01 range to where it is now.
Below is a screenshot of WallStreetBets’ recent mentions of Dogecoin. They are aiming of buying the cryptocurrency en-masse to trigger a similar move to what has been seen with Gamestop.
Other investors within the crypto space have also hopped onto the DOGE train. This includes “Cousin Crypto,” a fitness and now crypto-focused social media influencer that has taken Crypto Twitter and Crypto TikTok by storm over the past few weeks.
Start of wider crypto boom?
While Dogecoin’s rally is mysterious to many, some see it as a valid sign that there is growing retail interest in the cryptocurrency market.
Charles J. Read from Rarestone Capital noted that Dogecoin will be “the catalyst for millions of frustrated retail traders to enter the crypto market – it’s like our little Trojan horse in #Robinhood’s dirty castle.”
Dogecoin has long captured retail interest in the cryptocurrency market as it is based on a popular and often undying meme. Many in the Bitcoin space now have actually cited Dogecoin as a reason why they have entered the cryptocurrency space.
$DOGE will be the catalyst for millions of frustrated retail traders to enter the crypto market – it’s like our little Trojan horse in #Robinhood’s dirty castle.
Flood gates are about to open.
Censorship resistant 24/7 markets are here to be traded 👋 #WelcomeToCrypto
— Charles J Read (@chatwithcharles) January 28, 2021
Disclaimer: This author is an analyst at ParaFi Capital. ParaFi Capital may hold positions in assets mentioned in this article. The views displayed in this article are opinions of the author—and the author only.
Dogecoin, currently ranked #16 by market cap, is up 280.26% over the past 24 hours. DOGE has a market cap of $3.64B with a 24 hour volume of $7.73B.
