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.
FYI, the Mavs sales in @dogecoin have increased 550pct over the past month. We have now sold more than 122k Doge in merchandise ! We will never sell 1 single Doge ever. So keep buying @dallasmavsshop https://t.co/li32cdtcED
— Mark Cuban (@mcuban) April 14, 2021
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.
— BEN BALLER™ (@BENBALLER) April 14, 2021
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.
— Guy Fieri (@GuyFieri) April 13, 2021
Why It Matters: Cuban had said last month that DOGE to $1 “will definitely” happen if Mavericks fans keep up the momentum of transactions.
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.
#Dogecoin is #1 trending! Let’s keep this MF party going ALL NIGHT
— Dogeeee (@Dogecoinrich) April 14, 2021
The Reddit crowd also showed exuberance at DOGE’s surge and there was no shortage of memes on r/Dogecoin.
Posts On Reddit Forum r/Dogecoin Forum
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. (NYSE: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.
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