Dogecoin’s massive rally of 220% over the past 24 hours has helped it record a new ATH of $0.450. The meme currency has gained over 400% in the past week helping it make it to the top-10 list of cryptocurrencies by market cap, currently at 6th spot. The meme currency which started out as a joke now has more value than Litecoin and Chainlink two of the prominent altcoins.
The meme currency’s phenomenal run is said to be aided by the recent retail drive along with social media buzz mainly on TikTok and Reddit. This is not a new phenomenon and something quite similar was seen only a couple of months ago with the Gamestop stocks as well which was allegedly pumped by a Reddit group.
A similar momentum seems to be building for Dogecoin as the subreddit group for the altcoins saw a major influx over the past week. Apart from the growing members in the subreddit group, the 5X surge over the past week has also made many Doge investors a crypto millionaire.
Daily new subscribers to Dogecoin's Subreddit 👀 pic.twitter.com/3hZMrRIHuX
— skew (@skewdotcom) April 16, 2021
Altcoin Market Cap Breach $1 Trillion
The ongoing bull season was initially dominated by Bitcoin, seeing its price more than triple its 2017 high to register a new ATH of $64,689. Bitcoin was later joined by the likes of Ether, Cardano, and Polkadot who recorded their ATH in the first couple of months of this new year. Now that Bitcoin dominance is on the decline, more altcoins have come to join the alt season.
The altcoin market cap has also breached the $1 trillion mark during the ongoing alt season recording a new ATH. This alt-season has seen different types of altcoins pump during different phases, first, it was mostly Ether and ERC-20 tokens, then came a time for NFT based altcoins, followed by ETH rivals such as BNB and utility tokens.