Dogecoin has surged past 30% in the last twenty four hours, making its market cap skyrocket to heights. Interestingly, for a brief moment, the marketcap of DOGE surpassed that of XRP, making it the seventh largest cryptocurrency, according to data from CoinMarketCap.
The surge in marketcap comes on the back of a rise in popularity for DOGE which has kept its price afloat. At the press time, DOGE is trading over 23% at $0.2066.
DOGE’s Rise in Popularity Comes As Investors Look Towards Alternatives
A key reason for DOGE’s rise in popularity is the investor sentiment that has shifted towards seeking alternatives to other popular coins. Bitcoin and Ethereum have been the top two preferences for almost all in the market.
However, those seeking altcoins have been looking at various options for their financial suite. XRP as of now has been going through a volatile phase given Ripple’s ongoing clashes with the SEC.
A Japanese dog breed known as a Shiba Inu is infamously prone to mispronouncing and misspelling common phrases, which is where DOGE got its start as an internet meme.
Its humorous beginnings, combined with the encouragement and support of online celebrities like Elon Musk, rapper Snoop Dogg, and Gene Simmons, helped to progressively introduce Dogecoin to the cryptocurrency community as a coin with potential value, which it ultimately became.
Will DOGE See More Green Days In The Future?
Over the previous 30 days, Dogecoin had 17 out of 30 (57%) green days and 15.03% price volatility. With more positive trading than negative in the past month, DOGE is likely poised for better trading in the upcoming days.
With the upward momentum and the market data, the Fear & Greed Index for DOGE is currently at 69 (Greed), and the sentiment is bullish. Data shows that the overall sentiment regarding Dogecoin price prediction is bullish, with 29 technical analysis indicators indicating bullish signals and one indicating bearish signals.
Market indicators also predict that Dogecoin’s 200-day SMA will increase from now until December 5. During this one month it is expected to reach $0.129312. The short-term 50-day SMA for Dogecoin is expected to hit $0.148765 during this same course of time.
An indicator that is frequently used to determine whether a cryptocurrency is oversold (below 30) or overbought (above 70) is the Relative Strength Index (RSI) momentum wave. The DOGE market is currently in the neutral zone according to the RSI value of 59.18.