Meme coin Dogecoin (DOGE) surprisingly rose above $0.10, a milestone it hasn’t seen in a year. As the crypto community celebrates Dogecoin’s 10th anniversary, the coin’s value jumped 16.8% in a single day, joining a wave of bullish momentum in the broader crypto market.
Dogecoin rose in its 10th year
Originally launched by Billy Markus and Jackson Palmer on December 6, 2013, Dogecoin celebrated its 10th birthday with an impressive increase. The current price of Dogecoin is just over $0.103285, making a significant jump from its last peak of $0.10 exactly one year ago. Despite this increase, Dogecoin still has a way to go before regaining its all-time high above $0.73 recorded in May 2021.
Dogecoin is not alone in its upward movement; Other meme coins such as Shiba Inu (SHIB), PEPE, and BONK have also made double-digit gains in the last 24 hours. The entire meme coin category rose 11% to $23.7 billion in market cap, reflecting the enthusiasm in the crypto community. The meme coin craze coincides with a booming crypto market that has witnessed a 4.7% increase in the total market value of all cryptocurrencies, reaching $1.67 trillion. Bitcoin is trading above $43,800, up 5.1% on the day, on optimism surrounding the potential approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission.
DOGE comment is expected from Elon Musk
As Dogecoin celebrates its 10th anniversary, it has grown from a fun experiment to the ninth largest cryptocurrency with a market cap of $14.62 billion. Created to be more accessible and appeal to a wider demographic than Bitcoin, Dogecoin’s journey from joke to serious cryptocurrency has been remarkable. The community is eagerly awaiting the birthday wishes for Dogecoin from Elon Musk, the self-proclaimed “Dogefather” who is known for influencing the price of Dogecoin with his social media posts. While the price is already pointing to a potential local top, Musk’s potential impact adds anticipation to Dogecoin’s birthday festivities.
On the other hand, Elon Musk’s artificial intelligence initiative X.AI applied to the US Securities and Exchange Commission (SEC) to raise $ 1 billion in a stock offering. The filing reveals that the artificial intelligence company sold $135 million worth of securities to four investors, with the first sale occurring on November 29. The company, of which Elon Musk is the CEO, also includes executives from US banking giants Goldman Sachs and Morgan Stanley. Musk’s application for a $1 billion SEC bid also had an impact on the Dogecoin price.
Analyst predicts big rise for Dogecoin
Cryptocurrency analyst Captain Faibik predicts a massive price increase for Dogecoin, suggesting an increase of over 700%. The analyst’s predictions coincide with Dogecoin’s recent increase in the number of addresses and a significant increase in transaction volume. As Dogecoin continues its cosmic journey, fueled by both market dynamics and community celebrations, the crypto world is closely watching Elon Musk’s comments and Captain Faibik’s bullish predictions come true. The meme-inspired cryptocurrency’s evolution from a joke to a serious contender underscores its enduring appeal and resilience in the ever-evolving crypto world.
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