The Dogecoin (DOGE) price has exploded seemingly without any push coming from prominent figures on social media or major developments in the project. Notably, the price of the meme-based crypto is at an all-time high as it accelerates towards $0.30.
Based on data acquired from CoinMarketCap, the DOGE price is more than $0.24 at the time of writing, with a market cap of around $31.22 billion. The token’s most recent rally had its market price rise by 63% within 24 hours. In the process, it passed both Litecoin (LTC) and Uniswap (UNI) and became the 8th biggest crypto by market capitalization.
A growing number of retail outlets have adopted the currency as a method of payment in recent days. On April 13, a popular Miami nightclub said that it would be accepting DOGE upon reopening as payment for drinks, tables, and merchandise.
Mark Cuban, the Dallas Mavericks owner, and DOGE proponent, also reported the basketball team’s store had already sold over 122,000 DOGE worth of merchandise. That amounts to over $16,000 at the time of writing, since it first accepted the token in March. Cuban said that the team “will never sell 1 single Doge ever.”
Although Tesla CEO and DOGE enthusiast Elon Musk has tweeted one of his memes amid the token’s price surge, the latest rally may simply represent the climate around the crypto space. Mainstream media attention was mainly focused on Coinbase’s COIN stock getting listed on the Nasdaq this week as both the price of Ether (ETH) and Bitcoin (BTC) reached new all-time highs.
Dogecoin Doubles In A Day As Year-To-Date Gains Reach 5,000%
The most popular meme crypto has delivered around 12,600% gains in a year and might have also created many millionaires along the way. Dogecoin (DOGE), the meme altcoin that has become a favorite talking point of Elon Musk, has doubled in 24 hours to reach all-time highs above $0.29.
TradingView showed DOGE/USD outperforming all of the other major cryptos by an order of huge magnitude on April 16. In what seems an almost unbelievable move, Dogecoin has also become the 8th-biggest crypto by market cap, exceeding Chainlink (LINK), Litecoin (LTC), and Uniswap (UNI) among the others.
Gains on all timeframes remained impressive with 80% on the day, 300% in the last week, and year-to-date returns exceeding 5,000%.
Compared to the same date a year ago, shortly after the pit of the short 2021 bear market, DOGE is up 12,600%. It seems like even the professional traders had been caught unaware. Scott Melker tweeted:
“This is the first DOGE pump I have missed in years, but I still absolutely love to see it. The favorite asset of all time changed my life in 2017. Happy for you guys who are in it?”