Dogecoin market capitalization has now surpassed that of Cardano, making it the 8th largest crypto.
Data from CoinMarketCap shows DOGE price has rallied by over 100% in the last seven days following Elon Musk Twitter acquisition. Dogecoin market cap neared $20 billion on Oct. 29 before dropping to $16.35 billion at press time.
The latest DOGE bull rally is being fueled by speculation about the role Dogecoin could play on Twitter.
Traders in Twitter React to Dogecoin Price Rally
The surge in the price of Dogecoin has already generated significant returns for many traders. The SlumDOGE Millionaire shared a screenshot showing that he made over $250,000 in unrealized profits after DOGE price jumped by 75% within 24 hours.
The rise now means the Dogecoin price is trading above $0.10 for the first time since May 2022. The crypto market sentiment remains bullish among traders, with many speculating DOGE price will hit $1.
Trading veteran Peter Brandt tweeted that the DOGE price has led to an upside violation of the bear market channel that began in May 2021. Such market behavior leads Brandt to believe that Dogecoin price trend is reversing and could enter a new bull market.
Crypto Bitlord appears to be more bullish. The crypto trader said if DOGE price were to follow its previous pumps, it could go as high as $28.
Other crypto traders have pointed out that this Dogecoin price prediction is farfetched as it means DOGE market cap would have to surpass $1 trillion.
The recent price performance has seen Dogecoin exceed its 200-day moving average for the first time since Nov. 2021. Such important market behavior has not been unnoticed as DOGE news take the spotlight.
Some of the most renowned analysts in the industry believe that the DOGE price will kick-start the next crypto bull market.
Dogecoin is about to kick off the next crypto bull market
— greg (@greg16676935420) October 29, 2022
Elon Musk Influence on the Meme Coin
There are some doubters. Some believe DOGE price pump is temporary and expect the crypto to dump. Reaching $1 in the current market condition could prove challenging. Dogecoin price would have to surpass its previous all-time high.
Most of the current DOGE price performance is fueled by speculation around Dogecoin news about Elon Musk decision. It remains if the enthusiasm will remain once Musk manages to deliver on his Web3 promises.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
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