- Dogecoin (DOGE) just rallied over 20% today, March 28, to $0.22.
- This is by far the highest price it reached after November 2021.
Dogecoin Now
Dogecoin pumped more than 20% this Thursday as it rallied to $0.22. This represents a new territory for the meme coin since November 2021.
As of this writing at 7:00 PM UTC, the token is still within the said level as it grew the market cap of its 143.66 billion supply to $31.7 billion. The same timeframe also displayed a high trading volume for the digital asset with a spike of 65% as $6.28 billion worth of DOGE moved between addresses.
So far, Dogecoin is still 70% away from the all-time high (ATH) of $0.7376 it achieved on May 8, 2021. Nonetheless, it has certainly taken great strides across the one-year chart with over 200% recovery on its price, which dipped all the way to $0.05747 in November last year to today’s peak.
On a shorter range, DOGE has exhibited a 48% rise within the past seven days while it ballooned to an astonishing 100% gain in the one-month bracket.
What Happened?
The primary catalyst for the positive sentiment toward the cryptocurrency market, in general, is the momentum that Bitcoin (BTC) has been building up on its way to its fourth halving this April 20. During this week, the prime crypto by market cap once again surpassed the $70K threshold, which also reignited interest in several mainstream altcoins.
DOGE, however, has been a special case because it remains one of the famous altcoins not entirely riding on the coattails of Bitcoin. Recently, the digital asset has been swinging on the upside because of the hope created by Elon Musk’s promise that it will be accepted as payment for a Tesla vehicle “at some point.”
Another platform owned by Musk is feeding the bulls in the form of the anticipated Payments feature on X, which will be included in the social media network’s transformation into an “everything app.” Based on the latest tally, it has already been approved in 22 states in the US, so it’s only a matter of time before the people behind the project will officially announce the cryptocurrencies it will support.
Besides Bitcoin and Ethereum (ETH), many see the potential inclusion of DOGE in the X Payments system as a no-brainer. This is due to Musk being an obvious fan of the dog-themed token.
Furthermore, there’s the upcoming launch of Dogecoin futures contracts on Coinbase by April 1. According to the US Commodity Futures Trading Commission (CFTC) filing of the popular crypto exchange platform, it decided to offer DOGE in its futures listing due to its “enduring popularity” and “active community support.”
For Coinbase, Dogecoin is no longer just a meme but is now one of the “foundational elements” of the crypto industry.