Why Is Dogecoin Being Succhhhh A Good Boi Right Now?

Meme cryptocurrency Dogecoin (DOGE) has run up nearly 80% in a 24-hour period and is trading above the psychologically important 10 cent mark.

What Happened: DOGE traded 79.9% higher at $0.13 at press time and has gained over 104.28% on a seven-day trailing basis.

The Shiba Inu-themed cryptocurrency crossed the 10-cent barrier on Tuesday and touched a new all-time high of $0.138 a quarter of an hour before press-time on Wednesday.

For the year, DOGE has soared a spectacular 2,556.81%, outshining gains of the apex cryptocurrency Bitcoin (BTC) which is up 120.23% in the same period.

BTC traded 6.26% higher at $64,586.52, also touching a new all-time high of $64,717.01 — nearly forty minutes before press time.

Mark Cuban, the owner of Dallas Mavericks, disclosed on Twitter on Tuesday that sales of the basketball team denominated in DOGE rose 550% over the past month. Cuban also promised not to sell even a single DOGE.

Dogecoin YouTuber Matt Wallace on Twitter said DOGE’s march to $1 levels is now “inevitable.” 

Musician, actor and jeweler — Ben Yang — also known as Ben Baller, took notice of the price appreciation in DOGE.

In a separate tweet, Yang recalled, “hearing about [DOGE] hitting a penny.” 

Restaurateur and author Guy Fieri also had his say on the joke cryptocurrency.

Why It Matters: Cuban had said last month that DOGE to $1 “will definitely” happen if Mavericks fans keep up the momentum of transactions.

Notably missing from the social media action on Dogecoin was Tesla Inc TSLA CEO Elon Musk, whose tweets often send DOGE soaring. 

See Also: Is Elon Musk's Influence On Dogecoin Price Waning?

Still, DOGE gained plenty of traction on social media and emerged for a while as the top trending hashtag on Twitter. At press time #Dogecoin maintained its lead.

The Reddit crowd also showed exuberance at DOGE’s surge and there was no shortage of memes on r/Dogecoin.

DOGE was the top trending ticker among the 10 most trending tickers as compiled by Stocktwits.com. The second in place was the cryptocurrency Cardano (ADA).  ADA rose 17.21% to $1.52 at press time. 

See also: How to Buy Dogecoin (DOGE)

Benzinga's Take: On its apparent face, the latest Dogecoin rally seems driven by the "Doge Army" overall — not much different than the short squeeze in the stock of GameStop Corp. GME. Musk last tweeted about Dogecoin last weekend and Cuban's came in the aftermath of the rally. Unlike the past few rallies, the celebrity influence seems limited.

Read Next: Bitcoin Continues To Lose Grip Over The Crypto Market Despite Surging To Record Highs