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Dogecoin (DOGE) Price Skyrockets 50%

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Dogecoin logo with several coins behind and why is Dogecoin going up? - Will Dogecoin reach 1 dollar?

Dogecoin (DOGE) price skyrocketed 50% in the last 24 hours reaching a price per coin of $0.007738. This is the highest since February 2018. However, when compared to Bitcoin (BTC), the price remains close to its lowest point in the last years. 

Dogecoin Price Skyrockets

The price of Dogecoin has surged by 50% in the last 24 hours. This allowed the virtual currency to become the largest gainer among the top 100 virtual currencies. Dogecoin reached a local high of $0.007738. This shows the large interest generated by this virtual currency in recent days. 

This comes after days in which Bitcoin (BTC) surpassed $29,800 and could get closer to $30,000. Virtual currencies are currently in a bull market that is mostly pushed by Bitcoin. While BTC surpassed its all-time high by almost 50%, other coins such as Ethereum (ETH) or Litecoin (LTC) remain yet 50% down from their highs. 

DOGE price was able to recover and surpass other virtual currencies such as Dash, Zilliqa (ZIL), Iota (MIOTA) or Ethereum Classic (ETC). This shows the powerful move experienced by DOGE. This virtual currency jas many times experienced sudden price moves. 

As we can see in the chart provided by CoinMarketCap, it seems for DOGE to have a series of repeated jumps against Bitcoin and also against the U.S. dollar (USD). Nevertheless, during the last year and a half, we have seen DOGE surge only once. 

It is worth also mentioning that the CEO fo Tesla and Space X, Elon Musk, has been a supportive figure for DOGE. He has even changed his profile description on Twitter to CEO of Dogecoin a few years ago. Furthermore, he usually shares different memes about DOGE and seems to be a Bitcoin fan. 

Although Tesla has not officially purchased Bitcoin (BTC), there are other companies that have already done so in recent months. MicroStrategy is perhaps the highest-profile company buying Bitcoin at the end of 2020. 

MassMutual and Square have also been part of this trend and placed some millions of dollars in BTC several months ago. It will be interesting to see whether Bitcoin and Dogecoin continue moving higher in the coming days and weeks. 

2021 could be a very positive year for the cryptocurrency market. Although Bitcoin could reach new highs in the near future, other digital assets could follow. As Dogecoin moved to almost its price record, we could expect this virtual currency to continue its move upwards. 

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