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The price of Dogecoin has surged by nearly 40% in a strong rally to bag a new record high. Unusually, this spike in trading value hasn’t been as a result of an advocating tweet from Elon Musk or as a response to the market shooting through the roof.
With a 36% rally in day-on-day trading, Dogecoin has spiked to an all-time high of $0.0961 USD after looking at a daily low of $0.07 USD. With a $5.4 billion USD trading volume, the cryptocurrency is looking at becoming one of the genuine payment options as businesses look to reopen after the global pandemic forced lockdowns of companies across the world.
Dogecoin price increases
Typically, when Dogecoin’s price surges, it’s as a result of influential figures in the tech industry or general celebrities with a significant following. The “Dogecoin Army”, as they’ve been dubbed, consists of heavy-hitting names like Elon Musk, Gene Simmons, Snoop Dogg, and Mark Cuban. With substantial quantities of Dogecoin-related tweets (whether in jest or not is still to be decided), tweets from the celebrities often lead to a rally in the meme-coin’s price.
So … it’s finally come to this … pic.twitter.com/Gf0Rg2QOaF
— Elon Musk (@elonmusk) February 7, 2021
This surge, however, seems to be unrelated to any influence from the Twitter space. Data suggests that a bullish rally has come organically, and that the price of the market, in general, is looking at strong trends upwards.
Ethereum price surges amidst Bitcoin rally
Looking at the market as a whole, the industry seems to be sitting at a strong point in the rally. With Bitcoin breaking above $60,000 USD once more, the market overall is green. Ethereum price saw a new record high this week as the new “Berlin” upgrade which will impact the network ever so slightly is set to occur today. While the new upgrade might not have massive effects on the network now, it will set the scene for the bigger network update scheduled for later in the year.