In the past few days, Bitcoin has made an apparent impact on the rest of the crypto-market. As the world’s largest cryptocurrency finally gains its grounds, so have the rest in the market, leading to Dogecoin Surge Above $878M in just a few hours.
For many of these alts, Bitcoin’s hike came at a good timing since a lot of these coins had exhausted creative ideas. For altcoins like Dogecoin, however, the surge had almost no effect on its price performance.
Dogecoin had a lacklustre in 2019, but it is finally showing signs of a breakout, which some analysts reckoned could signal the start of a new alt season. Dogecoin was priced at $0.0026 but somehow was believed it would rise to around $0.007 before the end of 2019.
The world of cryptocurrency got another shocker as Dogecoin gained 50% within a few hours, which was the highest single-day percentage gain since 2017. This analysis was captured by a Top crypto researcher, Ryan Watkins. While Dogecoin may have begun the month of July with a bang, it’s ending it with a whimper. Since the great change in its price after a TikTok video about Dogecoin went viral, DOGE has witnessed an extremely good correction of the charts.
Though, DOGE, in the last minute, was down by over 33% since it reached its ATH within the first week of the month. Acceleration of Bitcoin price made little or no impact at all on its own performance either. The Chaikin Money Flow, while it did climb to correspond with the current market hike, was soon falling at the time of writing. Contrarily, the corresponding Strength Index was holding well right between the oversold and overbought zones.
Dogecoin Surges Above $878M Within 24 hours as its trading activity peaked on Tuesday after a TikTok video challenge urged viewers to get the crypto-currency went viral. TikTok user James Galante started urging followers to buy Dogecoin in late June, claiming they could “all get rich” by pushing its value to $1 per coin.
This TikTok challenge has gained hundreds of thousands of views on the app and afterwards trended on Twitter. The meme-based coin’s 24-hour volume raised above $878 million by Wednesday afternoon, recording a 683% increase from its average daily volume over the past year. Dogecoin‘s price made as much as 71% amid the trend-fueled buying spree.
Dogecoin‘s official Twitter account called on followers to be cautious of “the intentions people have when they direct you to buy things.” The coin’s 24-hour trading volume soared exactly above $878 million by 12:05 p.m. ET Wednesday, Dogecoin‘s market cap now sits just below $500 million.