Dogecoin (DOGE) continues to soar, spiking up to 92 satoshi ($0.00043) 15 hours ago. This was DOGE’s highest traded price since May 21. It has since dropped off to 70 satoshi in volatile trade.
The spike was driven by a surge in volume dominated by buyers jumping on the bandwagon. Over 16 billion ($6 million) DOGE changed hands during the past 24h, by far surpassing Litecoin’s $2.7 million. By way of comparison, total bitcoin/fiat volume during the period was $13.7 million. The volume is the highest since the February rally to 300 satoshi.
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At its peak, DOGE had quadrupled within a two-week span.
As the rise was characterized by accelerated buying to the point of a near-vertical climb, DOGE is ripe for a sharp pullback, part of which has already transpired. The question remains if the rally will resume thereafter.