Dogecoin’s traded price has soared to its highest level since early April, gaining 35% to 50 satoshi.
The dollar-based value of bitcoin remaining relatively unchanged today, dogecoin (DOGE) has thus made similar gains in dollar terms. DOGE is back above the psychologically significant $0.0001 threshold, currently worth $0.00012. Its market cap has increased to $11.6 million, bringing it back to 6th place among all cryptocurrencies.
The coin had been enduring its most miserable stretch since last summer, recently falling to 36 satoshi and approaching record lows in dollar terms. Today’s rise has Dogecoin fans hoping for a repeat of last September’s rally, which saw it climb to 117 satoshi after it appeared the coin was good for dead.
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Today’s rally was unexpected. The coin spiked sharply during the past six hours on a sudden volume surge totaling over one billion DOGE across all supported exchanges.
There appear to be no fundamental causes for the sudden rise. The coming hours and days will give a clue as to the sustainability of the rally. If purely due to a temporary surge in speculative demand by a single player, or a “fat finger” order, prices are likely to soon retreat back to where they started. But if the rally reawakens a following, as was the case in September, the rally can continue for weeks or months.
DOGE, however, is swimming against a tough current of waning interest in altcoins and their trading. The coming period may be a good test for the loyalty of its fanbase.