The Dogecoin market had been stable and flat the past few months, with a market cap hovering between USD 250-300 million. In-fact, many crypto experts probably would have said that Dogecoin is just a fad that is long dead. However, Dogecoin has suddenly surged to life this week with a 130% rally, with its price increasing from USD 0.0023 to USD 0.0053 in less than two days. This corresponds to a stunning USD 380 million increase in market cap, from USD 290 million to USD 670 million. Further, Dogecoin’s price relative to Bitcoin rallied by 88%, rising from 25 satoshis to 57 satoshis.
Notably, although the crypto space is showing some signs of bullishness, with Cardano, VeChain, Chainlink, and Cosmos seeing big rallies, Dogecoin has seen the biggest rally by far. Also, Bitcoin is only slightly up, by 0.4%, in the past day, and Dogecoin is up over 100X more than that.
The Dogecoin rally was so fast that it did reverse a bit, but as of this writing on the morning of July 8 Dogecoin is still holding onto most of its gains with a price of USD 0.0039 and a market cap near USD 500 million.
Apparently this sudden Dogecoin rally has been sparked by a viral TikTok campaign, under the hashtag ‘DogecoinTikTokChallenge’, where TikTok users are posting videos about the rally and suggesting that other people buy Dogecoin. Some TikTok users are even suggesting that people should buy Dogecoin until it hits USD 1, which is practically impossible in the current market, but if it did happen Dogecoin would have a market cap that would rival Bitcoin.
The most popular Dogecoin videos on TikTok under this campaign have gotten more than 100,000 likes, with all of the videos under ‘DogecoinTikTokChallenge’ collectively receiving several million likes.
Interestingly, Dogecoin has rallied so fast that the official Dogecoin account on Twitter warned users to be wary of the intentions of this viral TikTok campaign. Indeed, under any definition this Dogecoin rally can be considered a pump, and almost always a pump is followed by a dump in the crypto space.
Zooming out, even if the current Dogecoin rally ends up being a pump and dump, it is proof that Dogecoin is definitely not a dying coin, and Dogecoin is poised to see big gains in the future when the next major crypto rally comes.
Also, Dogecoin’s sudden rally, alongside Cardano, VeChain, Chainlink, and Cosmos, seems to indicate that the entire crypto space is roaring to life after a long period of relative calm following the Bitcoin block halving, and perhaps this altcoin bullishness is a precursor for a major Bitcoin rally. Indeed, big Bitcoin rallies in the past have often been preceded by a surge in altcoin activity like the market is seeing this week.
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