As if on cue from yesterday’s assessment of Dogecoin’s (DOGE) historical lows, the coin has jumped 33% within the past 6 hours to trade at 32 satoshi.
It is now trading at a 3-week high and has jumped back to 7th in market cap rank, 4th among mineable coins. Its total valuation is $14.5 million.
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The coin had actually dipped to a new low of 19 satoshi 12h prior to the rise. It is therefore unlikely that the spike resulted from a sudden reversal spurred by its reaching a new critical bottom, as is occasionally experienced with assets slumping excessively when the final bears exit the market.
It is more likely that an enormous trading volume- over $1.2 million worth has crossed hands in the past 24h- has played a role. A shortage of available supply for increased demand would pressure prices upwards, with perhaps some of the added volume coming from loyalists jumping back on the bandwagon.
No other fundamental drivers have been attributed to the rise in demand, and crypto markets today are neutral for the most part.