Dogecoin Could Get Another Push Higher As Institutions Look To Bank In On Momentum, Says Analyst
Dogecoin (DOGE), which is on a major bull run this week, could get another push higher due to institutional interest in the meme cryptocurrency, according to an analyst.
What Happened: Edward Moya, senior market analyst at Oanda, attributed Dogecoin’s latest surge to Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk’s hosting of “Saturday Night Live” and cryptocurrency traders not wanting to miss out on any buzz from the show.
“Also known as the Dogefather, Musk will undoubtedly have a sketch on cryptocurrencies that will probably go viral for days and further motivate his army of followers to try to send Dogecoin to the moon,” Moya said in a note.
See Also: How to Buy Dogecoin (DOGE)
Moya added that the Dogecoin bubble should have popped by now but for the institutional interest that is trying to capitalize on the frenzy surrounding the cryptocurrency and could support Dogecoin’s push higher.
The institutional world is jumping on the “use case” thesis for Ethereum (ETH) and meme stock mania for Dogecoin, according to the analyst. Meanwhile, apex cryptocurrency Bitcoin (BTC) has taken a backseat to the record setting rallies from Ethereum and Dogecoin, Moya added.
Why It Matters: Dogecoin is based on the popular “Doge” internet meme and emerged in 2013 as a parody of existing cryptocurrencies. The cryptocurrency’s gains this year can be partly attributed to celebrity endorsements from the likes of Musk, Dallas Mavericks owner Mark Cuban and rapper Snoop Dogg.
Dogecoin is seeing increased support from major corporations, including Conagra Brands Inc. (NYSE:CAG) and candy bar Snickers, which are using the joke cryptocurrency for marketing purposes. Ebang International Holdings Inc. (NASDAQ:EBON) announced in February it is launching a Litecoin and Dogecoin mining business.
The Shiba Inu-themed cryptocurrency is now the fourth-largest cryptocurrency by market cap, as per CoinMarketCap data. Its year-to-date gains stand at an impressive 12,264.48%.
The altcoin has gained 52.9% during the past 24 hours and is trading at $0.6399 at press time.
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