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Cryptocurrency News Articles
Dogecoin (DOGE) Rallies 10% in 24 Hours, Aims for New Highs Before Year-End
Sep 29, 2024 at 08:09 am
In the past 24 hours, Dogecoin displayed roughly a 10% price action. On Saturday, it went from a $0.1206 low to a $0.132 high before settling with a 3% gain
DOGE Price Analysis: Meme Coin Surges 10% in 24 Hours, to Reach $0.128
After displaying a rough price action in the past 24 hours, Dogecoin (CRYPTO: DOGE) was trading at an average price of $0.128 on Sunday morning. This marked a 3% price increase on the way to Sunday at midnight (UTC).
During this time frame, the meme coin encountered a trading volume of over $1.44 billion, which signaled a 2% increase. This brought up the market cap of DOGE’s 146.15 billion circulating supply to $18.70 billion.
On the longer time frames, Dogecoin also exhibited a considerable rebound in its value. At this point, its price has grown by more than 16% in a week, 27% in a month, and 107% in a year. It currently sits at one week and one month tops.
Despite the substantial developments in its price, DOGE still remains over 82% down from its all-time high of $0.7376 three years ago. However, with the altcoin season possibly coming up, the crypto community expects the token to build enough momentum to trigger its climb to new heights before the year ends.
What Happened? One likely catalyst for Dogecoin’s significant rally on the way to Sunday was Tesla (NASDAQ:TSLA) CEO and X Corp. (formerly Twitter (NYSE:TWTR)) owner Elon Musk.
Riding on the rumors of his possible appointment in the government if former President Donald Trump wins the 2024 election, he once again posted a meme featuring him, the Republican candidate, and DOGE’s official mascot Kabosu against the backdrop of the American flag and the White House.
The meme posting also went with a large D.O.G.E banner. For context, Trump earlier confirmed his plan of creating a commission centering on ensuring “government efficiency” by conducting a complete financial audit of the federal government. Musk has been throwing around the idea that he would be the man for the job and has been proposing the creation of the Department of Government Efficiency, which was an obvious play to Dogecoin’s ticker in crypto exchanges.
pic.twitter.com/PHPAbiYagy
The post aligned with Bitcoin’s (CRYPTO: BTC) recent resurgence to the $66K range, which was responsible for turning the crypto market sentiment into a positive note. This weekend, the primary influencer in crypto prices went from a $65,458.03 low to a $66,255.53 high.
Alongside these was the notable market cap accumulation of altcoins, which is now fueling hopes that the altcoin season will coincide with the usually bullish sentiment during the month of October — dubbed as “Uptober” within the crypto circle.
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- Dogecoin (DOGE), Ripple (XRP), Bitcoin (BTC) Price Today – September 29, 2024
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