Cryptocurrency‘s original memecoin, Dogecoin (DOGE-USD), has finally found its legs and joined the rest of its dog pack (Floki Inu, Shiba Inu, etc) in their rally. How much has Dogecoin surged this week? An impressive +32.29%. And year-to-date, its performance isn’t too shabby either: +70.70%
Starting as a lighthearted joke, Dogecoin poked fun at the wild speculation of the cryptocurrency market. Yet, it quickly blossomed into a community-focused project that has gained a reputation for its philanthropic endeavors and robust, albeit playful, ecosystem.
In fact, a lunar satellite, DOGE-1, is set to orbit our Moon and was paid entirely by donations from Dogecoin holders.
The recent performance of Dogecoin is not simply a lucky streak; it’s the result of the enduring appeal and growing legitimacy of this memecoin turned top-ten-market-cap crypto. The “Musk effect,” fueled by the Tesla (NASDAQ:TSLA) CEO’s endorsements, certainly adds to the allure.
DOGE’s Breakout: A Long Time Coming
Out of all the major cryptocurrencies and memecoins, Dogecoin’s technical conditions and price action have been some of the most frustrating for its fans, investors, and traders. Until last week, except for a few random weeks, DOGE spent 21.5 months in a miserable and ugly congestion zone.
That changed last week when DOGE closed the weekly candlestick for a mind-boggling +79%. That momentum carried into this week, gaining as much as +34.66% before selling off after Bitcoin (BTC-USD) made its new all-time high.
Participants are holding strong, and the bulls are currently up a small amount for the week (+1%). As we transition into the weekend, though, watch DOGE closely, as weekends are notorious for wild price swings and volatility.
