Dogecoin ($DOGE), the seventh-largest cryptocurrency by market cap hit a new two-month high in the wake of newfound bullish momentum in the crypto market. DOGE reached $0.3487 after an 11% rise over the past 24-hours. The meme coin has managed to gain 42% over the past week as it looks to build a bullish momentum.
Dogecoin broke past the key resistance of $0.3057 to continue its momentum upwards and extend its weekly gains to over 42%. The altcoin registered a new ATH of $0.7376 in May but lost more than 70% of its valuation during the market sell-off in May and June. It recorded a new 3-month low of $0.1607 but started recovering along with the rest of the crypto market and now eyes $0.50.
Dogecoin to $1?
Doge being a community-driven project has a strong social media following, so much so that it became a Tiktok and Twitter trend. The DOGE community trended #DogeCointo1Dollar as the price started to surge. Social media has been a strength of Dogecoin from the start and that in turn has brought in more investors this bull season. Several social media influencers bought life savings worth of Dogecoin based on its popularity and Elon Musk’s tweet about it. it did pay dividends for many when the altcoin surged to new ATH this May.
Social media has been a forte of Dogecoin as it has garnered support from the likes of Elon Musk and Mark Cuban. While Musk’s love for the meme currency is nothing new, Cuban, a fairly new supporter of Doge has proclaimed that it is the “strongest” cryptocurrency for payments.
I don't shill Doge. I shill the prods & services of my companies. Where we allow people to pay in ANY crypto, 95% of the sales are in DOGE. Customers CHOOSE to use DOGE. We can argue everything and anything re BTC, but right now DOGE is the people's way to pay. #DOGEFACTS https://t.co/59HbSIWh8w— Mark Cuban (@mcuban) August 15, 2021
The billionaire entrepreneur and Shar Tank lead who owns NBA team Dallas Mavericks said his comments are not just a shill but based on proof, claiming 95% of the crypto sales have come in Dogecoin. Cuban own Maverick’s merchandise store accepts Bitcoin and Dogecoin.
DOGE now looks to break the $0.50 key on-chain resistance before aiming to retest the ATH. As the crypto market cap reached $2 trillion valuations again, most of the crypto market looks set to begin the next leg of bull run and retest their ATHs.