Dogecoin Outpaces Cardano In Social Media Driven Bull Rally

DOGE established the strongest presence among memes with over 21M interactions in a day across social media.

Doge running fast on a bull through the city.
Created by Kornelija Poderskytė from DailyCoin
  • Dogecoin reclaimed a $26.5 billion market cap as the price towered to $0.186.
  • Outpacing Cardano for the 9th spot, DOGE builds a strong social presence.
  • Dogecoin’s founder Shibetoshi Nakamoto confesses his $1 million BTC wish.

Dogecoin (DOGE) embarked on a remarkable journey to claim the weekly heights of $0.186 today, following the leading digital asset Bitcoin (BTC), which broke through the $69,000 resistance barrier at 5 PM. Following the news, Dogecoin forced Cardano (ADA) to step aside for the 9th position by global crypto market cap.


Tapping $69,290.35 as the highest point so far, Bitcoin swiftly retraced to trade slightly below $69K, while Dogecoin’s high price correlation with BTC significantly boosted the canine crypto. According to on-chain data by IntoTheBlock, the BTC vs. DOGE price correlation is at 0.91, but that’s not the only factor driving the double-digit run.

The memecoin bonanza continues on crypto-friendly social media platforms, with Dogecoin mentions taking up the lion’s share of all memecurrency-related social activity. According to blockchain’s social data analytics firm LunarCrush, DOGE witnessed a tremendous surge in mentions last Saturday, with 21.68 million interactions.

DOGE Creator Shares $1M Bitcoin Dream

During Dogecoin’s run to $0.1727 on Saturday, the light-hearted DOGE Army shared memes with encouraging messages about DOGE’s growth and possible X Payments inclusion. Among prominent crypto community members was Dogecoin’s founder, Billy Markus.

Alternatively known as Shibetoshi Nakamoto, he tweeted his wish for Bitcoin to “go to 1 million dollars per coin while i am sleeping.” Applauded with laughs, the former IBM developer and computer virtuoso posted the message a day before Bitcoin (BTC) tacked on the bullish outbreak to claim a 7-day height at $69,290.35.

As Bitcoin and Dogecoin are the two largest blockchains powered by a Proof of Work (PoW) consensus, the historically high price correlation is a key factor for DOGE’s bullish price momentum. On the other hand, many of Dogecoin’s bull runs are associated with Elon Musk’s X vision, as the community expects to see Dogecoin’s integration for P2P payments.

On the Flipside

  • With a whopping trading volume of $5.22 billion over the past 24 hours, DOGE could face a strong resistance wall upwards due to selling orders piling up to $200 million.
  • In contrast to $140 million pending buys, this gap confirms the overbought condition on Dogecoin’s 1-day technical charts, pointing to a 69.07 Relative Strength Index (RSI).

Why This Matters

Memecoin rallies are often driven by social hype, which raises awareness about blockchain technology and its capabilities.


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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.