The top dog memecoin Dogecoin (DOGE) managed to bounce back after the prolonged crypto winter. The 10th ranked cryptocurrency recorded a two-week high on Wednesday with 14% gains in the last 24 hours and is leading the altcoin race. Moreover, the short positions on DOGE are getting liquidated, as noticed by crypto YouTuber Kriss. Indeed, this forms a bullish sentiment for the canine coin.
BOOM - Doge shorts getting liquidated! #dogecoin #DogecoinToTheMoon pic.twitter.com/lLP3XP56Oc— Kriss (@KrissKrypto) October 25, 2022
What Sparked DOGE’s Bull Run?
One of the main reasons is the strong support from the DOGE Army. The hashtag #DogecoinToTheMoon is trending on Twitter this Wednesday, as many holders of the canine cryptocurrency share memes and words of encouragement for DOGE.
With DOGE Army’s active presence on Twitter, a lot of crypto enthusiasts and influencers are speculating about DOGE’s next goals. For instance, crypto influencer Matt Wallace contemplates the short-term milestone as seven cents before going all the way up to $28.
On top of that, Rev. Dr. Doge Christopher Benek reminded the public that Matt Wallace promised to delete his Twitter account if DOGE doesn’t hit $1 by the end of 2022. Other soldiers of the DOGE Army sense it could go even higher, but everybody on Crypto Twitter agrees that DOGE is climbing.
$DOGE is climbing! #DogecoinToTheMoon pic.twitter.com/pC8ywm5IaG— (@itsALLrisky) October 26, 2022
DOGE is on the way to the Moon
Another reason for DOGE’s lead in the rebound race is the possibility of Twitter integration. As Elon Musk, the biggest fan of the Japanese dog themed cryptocurrency, revived the Twitter deal, there’s a real chance $DOGE would be used for Tips and other paid services on the popular microblogging platform.
On the other hand, DOGE’s trading volume has increased significantly, to the point where the top dog coin became the #2 most trending cryptocurrency on CoinMarketCap. Besides, DOGE’s market price just broke from a crucial multi-year resistance line due to a favorable RSI.
At press time, the canine cryptocurrency is priced at $0.066070, according to CoinGecko. That marks 10.7% in the green for the last 24 hours, as well as 10.3% in the last seven days.
$DOGE #Dogecoin #DogecoinToTheMoon pic.twitter.com/ke1n3dFnRN— Oonabot (@Oonabot) October 26, 2022
On the Flipside
- As DOGE leads the altcoin rally, the unofficial Layer-2 token Dogechain (DC) sinked 12.7%.
- This might hint at a split community, as not everyone in DOGE Army trusts the Layer-2 solution.
- Previously, DOGE’s founder Billy Markus refused a juicy $14M offer from DC.
Why You Should Care
Dogecoin (DOGE) has among the widest communities in crypto. As $DOGE is leading the altcoin race, this could prove beneficial to the crypto industry.
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