Dogecoin (DOGE), a cryptocurrency with a dog motif, has increased 13% in the last day, suggesting that cryptocurrency traders are placing riskier bets in reaction to the price performance of Bitcoin (BTC).
Dogecoin began to increase on October 19 from a low of $0.058, and it reached a high of $0.075 in Thursday’s trading. The cryptocurrency has now seen seven days in a row of positive values.
The price increase on X was brought to light by Kaiko, who stated that “most markets continue to surge amid the ETF hype.”
https://x.com/KaikoData/status/1717481881728397660?s=20
Expectations for a spot Bitcoin exchange-traded fund (ETF) have driven up the price of Bitcoin since the start of the week, and Dogecoin, along with most other cryptocurrencies, have profited from the gain.
In the meanwhile, a spike in Dogecoin values has historically signalled a local peak for bigger tokens like Bitcoin. As a result, traders are keeping an eye on the price of Bitcoin, which fell by 0.09% over the previous day while Dogecoin continued to rise.
At the time of writing, DOGE was trading at $0.074, up 12.69% over the previous day. The previous seven days saw a 27.14% increase in the coin’s value.
The social media platform X, formerly known as Twitter, made an exciting statement on Thursday about adding a video calling feature for premium customers, and this coincided with a surge in the price of Dogecoin. This was anticipated since a number of merchants had already anticipated that X will include DOGE as a mode of payment.
Due to the price increase, Dogecoin was able to overcome significant obstacles that had been impeding its growth for several months, including the MA 200 barrier at $0.069 and the daily moving average MA 50 barrier at $0.061.
Should the uptrend continue, Dogecoin may target $0.083 as its next target. However, Dogecoin may try to turn the $0.069 MA 200 level into support if the rally slows.
Dogecoin is still being developed in the meantime. On X, Dogecoin fan Mishaboar noted that development is still underway on the next minor release of Dogecoin Core v. 1.14.7.
Michi Lumin, the key creator of Dogecoin, mentioned earlier in October that steps to implement RadioDoge in the community were beginning to take shape.
