The price of the original meme cryptocurrency, Dogecoin, abruptly surged over 40%. The remarkable move hoisted it above $0.126 temporarily, representing a rare positive jolt amidst its muted 2024 trading.
Its last break above the symbolically-crucial $0.10 mark coincided with 10-year anniversary celebrations in late 2023. But price action remained largely lethargic in the months after, until this week’s awakening.
The sudden 24-hour spike also lifted DOGE back into the ranks of the ten biggest cryptocurrencies, with its valuation exceeding $19 billion momentarily. The meme coin has since powered from $0.095 to currently trade around $0.1339 – more than reversing the bearish start to the year so far.
The eruption aligns closely with similar moves from microcap meme coins PEPE, BONK, and Dogecoin descendant Shiba Inu in recent days – lighting speculation that another meme mania cycle could be underway.
How high can Dogecoin go?
Naturally, questions now arise as to whether DOGE, possessing formidable on-chain community support, can take advantage to retest or even eclipse its all-time high around $0.7 from 2021’s frenzy over coming weeks or months.
Per researchers, one crucial catalyst could involve eccentric billionaire Elon Musk integrating DOGE payments into his social media platform X, granted its status as his favorite cryptocurrency. With the right endorsements and mounting speculation, Changelly analysts foresee DOGE eventually reaching $1 by 2030 in their model.
While that timeline remains highly aspirational currently, the sudden capital inflows this week act as early reminders of how rapidly meme excitement can transfer into market-jarring hype when the environment suits it. And with bulls now firmly in control after months of consolidation, Dogecoin seems ready to awaken at last.
