Dogecoin investors must be very happy right now. The price of DOGE, the native cryptocurrency of the Dogecoin network, has soared very high in the past week and has risen by an astonishing 76% in the past 24 hours, reaching a new high of $ 0,136.
DOGE joins the Top 10 Club
The price of DOGE in recent weeks is the one that has had the highest rise. The cryptocurrency started the week at $ 0,05 and finally broke the $ 0,1 hurdle just yesterday. To date, DOGE has grown by approximately 2.875% compared to its valuation at the beginning of the year. Over the months, it broke record after record, reaching its most recent peak just below $ 0,14 today.
However, the price is not the only parameter by which DOGE is growing. The coin has seen its market cap grow to $ 17,43 billion at press time, allowing it to overtake Chainlink (LINK) to become the XNUMXth most popular cryptocurrency in the world.
DOGE's parabolic rise comes in the midst of a bull run between different cryptocurrencies, including bitcoin which has surpassed $ 64.000. The second largest cryptocurrency, Ether (quotation ETH), reached an all-time high near $ 2.400. The surge was probably fueled by the anticipation of Coinbase's direct listing.
The San Francisco-based exchange is set to become the first cryptocurrency-focused company to go public on Nasdaq. Observers have suggested that the listing could push the value of the aggregate cryptocurrency market higher, as it will be the bridge used by traditional investors to tap into cryptocurrencies.
The support of prominent personalities is important
While this is enough to explain why cryptocurrencies in general are making gains right now, it doesn't fully explain DOGE's particularly outstanding performance, as Coinbase hasn't even added the coin to its trading platform.
In recent months, DOGE has received upbeat and positive accolades from celebrities and moguls such as SpaceX and Tesla CEO Elon Musk. Musk, who added $ 1,5 billion in BTC to Tesla's balance sheet, has repeatedly praised the dogecoin on Twitter.
Although Musk has made it clear that his dogecoin tweets are "meant to be joking," the market doesn't care. Earlier this month, he speculated that SpaceX would "literally" take the dogecoin to the moon, and the coin's price jumped more than 30% after that tweet. In a tweet today, Musk posted a GIF of a laughing Shiba Inu, the dog the dogecoin is based on.
In addition to Musk, Dogecoin has also garnered the support of rapper Snoop Dogg and Mark Cuban. The cryptocurrency can continue its uptrend as long as it is able to sustain strongly above $ 0,08.