DOGE is currently just 37% away from its all-time high.
Last night, all eyes in the cryptocurrency community were on Bitcoin, as the asset was expected to finally reach the coveted milestone of $100,000. Although Bitcoin's price was only $250 above expectations on most exchanges, BTC failed to achieve this and has since dropped by about $1,000.
However, Dogecoin is now drawing attention as its price surged significantly, reaching around $0.48 earlier today—setting a new high in 3.5 years.
This largest meme coin has hovered around $0.4 for several days, but was ultimately suppressed by bears. However, yesterday it first broke through this level, initially reaching $0.42, and then soared to $0.48, marking the first time since the bull market in the first half of 2021.
Since Trump won the U.S. election, Dogecoin has been one of the best-performing currencies, possibly due to Musk's connections with both this meme coin and the elected president. Dogecoin has surged over 200% in the past month, and cryptocurrency analysts are now setting impressive yet possibly a bit far-fetched targets for this asset in the current bull market cycle.
DOGE was also the best-performing meme coin in the past 24 hours. The only other coin that performed well was SHIB, which rose by more than 7%.
However, PEPE, BONK, WIF, FLOKI, BRETT, POPCAT, and even the recently sensational PNUT all dropped by as much as 7%.
Additionally, according to CoinGlass, the rise of DOGE in the past 24 hours has led to nearly $40 million in Dogecoin shorts being liquidated.
