Dogecoin’s market capitalization has now surpassed that of Cardano, making it the 8th largest digital asset.
According to CoinMarketCap, DOGE has gained over 100% in the past seven days following the Twitter acquisition of Elon Musk. Dogecoin’s market capitalization also reached close to $20 billion on October 29 and had fallen to $16.35 billion at press time.
The latest DOGE bull rally is being fueled by speculation about the role of Dogecoin on Twitter.
Traders React to Dogecoin Bull Rally
Dogecoin price surge has already generated significant returns for many traders. slumdog millionaire shared a screenshot It shows that it made over $250,000 in unrealized gains after DOGE jumped 75% within 24 hours.
The rise now means that Dogecoin price is trading above $0.10 for the first time since May 2022. Crypto market sentiment remains bullish among traders, with many speculating the price of DOGE will reach $1.
Trading legend Peter Brandt tweeted that the price of DOGE has breached the bear channel that began in May 2021 to the upside. Such market behavior leads the brand to believe that the Dogecoin price is reversing and may enter a new bull market.
Crypto Bitlord appears to be faster. crypto trader Told If DOGE price follows its previous pumps, it could go towards $28.
Nevertheless, other crypto traders have pointed out that this Dogecoin price prediction is far-fetched as it means that the DOGE market cap will have to cross $1 trillion.
Dogecoin price is also seen in recent price performance exceed This is the first 200-day moving average since November 2021. Such significant market behavior has not gone unnoticed.
In fact, some of the industry’s best-known analysts to accept That the price of DOGE will kick-start the next crypto bull market.
Nevertheless, there are still some doubts. some market participants to accept Dogecoin price pump is temporary and crypto dumps are expected. Reaching $1 can prove challenging in the current market conditions. The price of DOGE has to surpass its previous all-time high.
Much of DOGE’s current price performance is driven by speculation about Elon Musk’s decision. The excitement will continue once Musk manages to deliver on his Web3 promises.
All information contained on our website is published in good faith and for general information purposes only. Any action taken by readers on information found on our website is strictly at their own risk.