Dogecoin (DOGE) Price Might Soon Lead the Altcoin Rally Outperforming Ethereum!
Dogecoin Price Is On a Massive Rise
People were making memes about Dogecoin just a few weeks ago. It seems to be getting the last laugh. After a 86.90% increase in the last 24 hours, the cryptocurrency popularised by Tesla CEO Elon Musk has hit an all-time high, the highest ever. The actual value of Dogecoin is $0.252739. Dogecoin’s market cap, which is simply listed as a “memecoin,” is now over $32 billion.
The cryptocurrency soared to nearly 1,900% since the beginning of 2021.
With all the social media trends,Dogecoin’s social popularity has increased alongside Ethereum. While it has only been less than 24 hours after ETH reached its all-time high, the cryptocurrency’s price is now range bound below $2,300. The price rally in Dogecoin, on the other hand, has broken out of its range many times in the last two months.
At DOGE’s press time price level, 100% of HODLers is profitable, with high HODLer concentration also increasing to 60%. When comparing metrics like trade volume, market capitalization shift, and concentration by large HODLers, the rivalry between DOGE and ETH is clear. In the case of ETH, the increase in trade volume was just 18%, compared to 74% for DOGE. It clearly seems to be competing with ETH for leading the current rally.
The Highly-Anticipated Ethereum Berlin Hard Fork Is Now Live!
The Berlin hard fork is attracting a lot of attention from all corners of the cryptocurrency world, as shown by the increasing price of ether, which continues to set new highs with each passing day.
But the price rally in ETH is expected to slow down steadily after the Berlin update, but there is less selling pressure and less eager HODLers in DOGE. Despite the fact that almost all DOGE HODLers made money yesterday, the asset’s price did not succumb to the selling pressure.
This is specific to DOGE, and with good fundamentals and buyer interest, DOGE could rally for a long time and outperform the market’s altcoins.
Traders also noticed that the price rally in DOGE is no longer motivated by the fact that it is a meme coin. The metrics are forming in such a way that it is striving with ETH for the top spot in the altcoin rally.