Dogecoin bulls have been very strong lately. Even XRP had to give DOGE fourth place. At the time of this writing, Dogecoin has gained 95% in the last 7 days and has a market price of $ 0.58. So will DOGE continue to rise?
Dogecoin is still in the green zone, but a while ago the market was much warmer. DOGE increased its weekly price increase to 147%, surpassing 37% in the last 48 hours.
This statistic makes Dogecoin one of the top earners in the past fourteen days. For the first time ever, the crypto asset hit $ 0.69 before dropping to $ 0.67. DOGE’s market capitalization also reached $ 87 billion, making it larger than FedEx and many other stocks.
Dogecoin, which surpasses XRP, is very worrying for analysts with mixed feelings. The joke cryptocurrency is one of the best performing players this year. At this speed, DOGE could very easily reach even $ 1 this year.
For some Bitcoinists, DOGE’s overthrow of XRP is a sign that the altcoin season is at its peak and Bitcoin may step back into the limelight.
Meanwhile, the CEO of Binance has been pretty optimistic about Doge. He recently said that he underestimated DOGE.
Edward Moya, a senior market analyst at Oanda, suspects that institutional players will be partially responsible for the rise of the asset.
“The Dogecoin bubble should have burst by now, but corporate interest is trying to take advantage of that momentum, and that could support a higher growth,” Edward said. said.
Moya points out that the asset is likely to rise after Elon Musk becomes a host at SNL, and market players hope to take advantage of this price increase.
“Dogecoin is on the rise because many cryptocurrency traders do not want to miss the excitement that could be caused by Elon Musk presenting the Saturday Night Live.”