- Bitcoin’s (BTC) rally to a new all-time high of $69,170 yesterday brought along with it all the mainstream cryptocurrencies. However, as soon as a “sell the news” event was triggered, it also brought all of them down.
- Dogecoin (DOGE), being one of the most popular meme coins right now, wasn’t an exception as it bled to a double-digit dip.
- Despite that, optimism remains high on the overall crypto market due to pivotal events expected within the sector. Dogecoiners, in particular, may be in for a real ride.
Dogecoin Now
Like all other altcoins, Dogecoin is still reeling from the sell-off event yesterday after Bitcoin realized its all-time high. As of this writing at 1:00 PM UTC, it is trading at $0.16 with a 14% drop from its value in the 24-hour chart.
The bloodbath yesterday resulted in its market cap sinking to $23.19 billion for its 143.35 billion coins in circulation. It currently ranks ninth on the CoinMarketCap index in terms of total market value.
Meanwhile, the same index shows that Dogecoin is the eighth most traded crypto within the same timeframe. Its trading volume only decreased by around 0.5% as $8.02 billion worth of DOGE was seen moving in wallets and exchanges within the period.
Dogecoin prices swung between a low of 0.1301 and a high of $0.1909 within the day. Zooming out the charts, however, shows a very bullish trajectory for the digital asset.
So far, the $0.20 it achieved yesterday marked the first time for Dogecoin to reach such heights since December 2021, which was only a month after Bitcoin’s previous peak of $68,789. DOGE’s record peak though came in May 2021 when it rose to $0.7376. Right now, the dog-themed coin’s valuation is still 78% away from that level.
DOGE to ATH
A 78% climb to Dogecoin’s previous summit is no easy feat, but knowing that it was once capable of reaching such an accomplishment does not make it impossible. Among other meme coins, DOGE is considered to be the OG despite falling behind in popularity from its fellow dog-themed coin, Shiba Inu (SHIB).
The previous highs and lows of altcoins in relation to Bitcoin price movements only give us a glimpse of the high correlation between them. With the kind of retail and institutional demand BTC is presently enjoying, thanks to its spot exchange-traded fund (ETF) exposure coupled with the halving taking place next month, the blowing prices of the premier crypto could again pull the rest of the market with it.
This does not factor in yet the possible effects of the massive upgrades that Ethereum (ETH) is about to get from its Dencun update next week. Add to that the possible boost it could get if the spot Ethereum ETF applications of Wall Street powerhouses like BlackRock, Fidelity, and others will also be greenlit by the Securities and Exchange Commission (SEC).
Based on expert analysts, Bitcoin has the potential to rush toward $100K before 2024 ends and $200K by 2025. On the other hand, Ethereum is estimated to hit $5,000 this year and $6,500 by the next.
Let’s not forget that SHIB’s pseudonymous lead developer, Shytoshi Kusama, is gearing up for the release of a new product/service within Shiba Inu’s ecosystem. This may positively affect its fellow dog-themed coin, DOGE, in some way.
All these could be catalysts for Dogecoin to gain steam. Whether or not these will be enough to prod it toward a new all-time high remains to be seen though. Nevertheless, it’s still positioned to further go up from here.