Dogecoin has witnessed a brilliant organic price rally in the last couple of days, the meme token has risen to an all-time high from just being less than a cent at a time. This time there was no strong hype factor behind the rally which hints that traders are taking interest in the token beyond its meme status.
Some of the key Catalysts driving the price of Dogecoin now, and to propel further are as follows,
The Domino Effect of Bitcoin
Bitcoin is the largest and leading cryptocurrency in the ecosystem, its price trajectory has a direct impact on the performance of all the other altcoins in the market. Bitcoin has been highly bullish amidst positive developments such as Coinbase IPO. and following the suit is Dogecoin.
Another fueling factor could be the Altcoin season, many altcoins like Tron(TRX), BitTorrent(BTT), XRP have surged massively in the market, and now is the time for Dogecoin to shine.
The Mogul advocates of Doge
The most popular association of Dogecoin is Elon Musk, who has raised the status of the token from just being a joke to a serious investment. Musk’s support to Doge goes beyond just trendy phases. He has been making constant tweets showcasing his support for Doge too.