All eyes in the cryptocurrency community were on Bitcoin last night as this asset was expected to reach the coveted milestone of $100,000. Although it was only $250 away on most exchanges, BTC failed to do so and declined by about a thousand dollars.
However, Dogecoin has emerged and is attracting attention right now, with a spike up to around $0.48 earlier today – a new peak in 3.5 years.
The largest meme coin fluctuated around the $0.4 mark for several consecutive days but ultimately remained held down by the bears. However, it surged above that level yesterday to $0.42 initially and then skyrocketed to $0.48 for the first time since the bull market in the first half of 2021.
Dogecoin is one of the most notable rising coins since Trump won the election in the United States, perhaps due to Musk being involved with both the meme coin and the president-elect. DOGE surged over 200% in the past month, and cryptocurrency analysts are now setting impressive and perhaps distant targets for this asset in this bull cycle.
DOGE is also the best-performing meme coin in the past 24 hours. The only other coin in the green is SHIB, which rose over 7%. However, PEPE, BONK, WIF, FLOKI, BRETT, POPCAT, and even the recently hype stock PNUT all posted losses of up to 7%. Furthermore, according to CoinGlass, the DOGE rally has resulted in nearly $40 million in short liquidations in the past 24 hours for Dogecoin short sellers.
