Despite a major market correction on Sunday, April 18, meme-coin DOGE has bounced back very strongly to enter the top-5 crypto-list. At press time, Dogecoin (DOGE) is trading 40% higher at its new all-time high of $0.42 and a market cap of $54.05 billion.
Over the last week, Dogecoin has registered a solid rally and an unprecedented move in history. Just in a week’s time, the DOGE price has surged 6x or a massive 500% making it among the top-five cryptocurrencies of the world.
It is surprising to note that the meme-inspired cryptocurrency has bounced back as strongly from the market crash that other giants seemed to fail in front of it. even if we see the Sunday’s price nation for DOGE, the coin hasn’t been much shaken with the market crash. The coin hardly corrected 9% and bounced back from $0.31 levels.
More importantly, DOGE’s performance against BTC has been exemplary. Although Bitcoin (BTC) touched an all-time high above $64,000 last week, the DOGE/BTC pair is currently at an all-time high.
The Frenzy Around Dogecoin (DOGE)
As the craze around Dogecoin (DOGE) unfolds, there have been multiple different things that have emerged recently with the Dogecoin rally. Last Friday, a major investors’ rush caused some technical difficulties on Robinhood as investors were unable to place orders.
There were also rumors that Robinhood had been restricting Dogecoin trading just as it did with the GameStop rally earlier this year. However, Robinhood clarified that this was not true, and it solved the technical difficulties in matter of a few hours.
On the other hand, Wall Street veteran and Galaxy Digital founder MikeNovogratz also compared the Dogecoin rally with the GameStop (NYSE: GME) event. Speaking about Dogecoin he said:
It doesn’t really have a purpose. It’s gotta community and maybe they can keep value there. I would be very very very worried if one my friends was investing in Dogecoin at these prices”.
Interestingly, as it turns, Reddit group WallStreetBets behind the GameStop rally started a discussion thread on Dogecoin but later pulled out of it after media hype.