What’s going on with the Dogecoin price?

Dogecoin (DOGE-USD) has been going parabolic lately, and is up more than 13% in the past five days.

In fact, the Dogecoin price is up by a staggering 87.34% this year so far. But why?

Current price of Dogecoin

On Saturday the 23rd, Dogecoin’s price hit $0.17 in US dollars before briefly correcting downwards, only to rally again to hit $0.18 on Sunday the 24th – a high for the memecoin that was previously seen on March 14th.

Currently, at the time of this article going to press, the Dogecoin price was sitting at $0.17, representing a 100% gain in price over the past month.

Reasons for the Dogecoin price spike

Dogecoin has made no huge changes or announcements recently. So, why the sudden surge?

It may have something to do with the latest X antics of Dogecoin co-founder Billy Markus.

On March 24th, Markus took to the social media platform to urge Bitcoin to “go to 1 million dollars per coin while i am sleeping”.

This seemingly innocuous comment generated a flood of reposts and likes, which directly affected the Dogecoin price in subsequent hours.

In fact, according to AMBCrypto, LunarCrush data showed that the cryptocurrency enjoyed more than 30 million social interactions in the 24 hours following Markus’ tweet.

Will Dogecoin reach $10?

The meteoric weekend rise in price for the memecoin has had many crypto investors wondering if the world’s most well-known doge will eventually be valued at $10.

The short answer is: it seems unlikely, in the near future.

Dogecoin may well benefit from a ‘rising tide lifts all boats’ scenario ahead of the Bitcoin halving, but there have been no indications recently of any news items, new offerings or other catalysts specific to Dogecoin that could push its price up further.

That being said, anything can happen in the volatile world of crypto, and investors and traders should always do their own research on such matters to determine probabilities for themselves, based on their own unique goals and area of focus in the markets.

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