Dogecoin has made a strong rally in the last few days, and this is not unexpected as analysts claim that the crypto market has anticipated it for a long time. Ever since the last quarter of 2020, every bull run in the crypto market has always involved Dogecoin in one way or the other.
The digital asset saw a spirited surge in the last few weeks of 2020 as Bitcoin led the whole crypto market into a bullish momentum to close out the year. Even though it has lived up to its name of being a meme digital asset, the coin has also done so much to impress its investors and holders over the last few years.
Dogecoin is still discovering new all-time highs
As it stands now, Dogecoin is one of the assets that every investor wants to have in his holding because of the massive rate at which the digital asset is rising. According to various data from analysis platforms, the digital asset has accumulated a profit of around 200% in one day. It now trades well around $0.068, a far cry from its previous price of $0.008.
Presently, the digital asset is still discovering new all time highs by the minute, which has seen its market capitalization soar to around $8.7 billion. The number of daily trades made has also reacted to the price growth as traders across the market have completed transactions with Doge worry about $10 billion in the last few days.
The digital asset has also achieved a new feat judging by the increase in its market cap. It has displaced several digital assets, including those in the DeFi sector, to rank in the top 10 digital assets according to market capitalization. According to various data, this current surge emanates from activities that multiple entities are carrying out using the digital asset. One of such is WallStreetBets, the arm of Reddit that deals in stock trading and the likes.
Investors are coming into the market to trade Dogecoin
Various data shows that most people on the platform choose to forgo other digital assets to trade only Dogecoin, hence the massive rise in the asset’s price. A tweet from a member of the platform known as WSChairman saw the digital asset begin a massive move to the position that it is occupying presently.
According to various data, it shows that the platform members are pooling in all their funds to purchase the digital asset and trigger a run that has been seen concerning GameStop in the past few weeks. Other influencers and enthusiasts of other digital assets are now entering the Doge market, with most of them making a case for the digital asset to reach remarkable heights in the coming years.
A typical example of such a person is Cousin Crypto, a known fitness trainer and crypto enthusiast who does most of his things on Tiktok. While most are still surprised with the recent move by the digital assets, other experts are happy that retailers are now showcasing their powers in the crypto market. With new participants entering the market, it is only a matter of time before the digital asset sees more bullish runs.