The meme cryptocurrency Dogecoin (DOGE) has seen a resurgence in price and popularity this week during its 10th birthday celebration. DOGE gained over 10% in 24 hours to exceed $0.10 for the first time since April.
Keypoints
- Dogecoin (DOGE) price has surged over 10% in the past 24 hours to top $0.10, its highest level since April
- More than $600 million is now locked in open DOGE futures contracts, indicating growing investor interest
- DOGE tends to act as a leveraged play on Bitcoin, moving in the same direction but more extremely
- The DOGE/BTC ratio remains near bear market lows, signaling the rally may have room to run
- The cryptocurrency community awaits a birthday message from “Dogefather” Elon Musk that could further boost prices
Investor interest is clearly growing, with more than $600 million now locked in open Dogecoin futures contracts on various exchanges. Traders are using the highly volatile asset to make leveraged bets on the wider cryptocurrency market rally that has already pushed Bitcoin above $43,000.
DOGE has historically tended to track Bitcoin’s price swings but in more extreme fashion, falling harder but also rising faster. Its 27% price gain in the past week aligns with Bitcoin’s own 15%+ surge over the same timeframe.
Yet compared to Bitcoin, DOGE remains far below its 2021 highs. This is evidenced in the depressed DOGE/BTC ratio, suggesting there could be room for the rally to extend if overall crypto sentiment stays bullish.
Of course, no discussion of Dogecoin price action is complete without mentioning Tesla CEO Elon Musk. The self-styled “Dogefather” has repeatedly influenced DOGE prices through his vocal social media support. The cryptocurrency community eagerly awaits a birthday message from Musk that could send the coin “to the moon” yet again.
