Dogecoin (DOGE), the original memecoin, has flipped Cardano (ADA) for the position of the 9th largest cryptocurrency. DOGE surged by 3.1% in the daily charts, 32.2% in the weekly charts, and more than 108% over the previous month. Moreover, the popular memecoin’s market cap has risen by 3.30% in 24 hours, currently at $25.78 billion. Cardano (ADA), on the other hand, has a market cap of $23.61 billion.
Also Read: How High Can Dogecoin (DOGE) Rise This April 2024?
DOGE’s latest rally could be due to Coinbase announcing futures trading for the popular memecoin. Furthermore, DOGE’s OI (Open Interest) recently surpassed the $1 billion mark, currently at $1.57 billion. The increase in OI reflects investors’ positive interest in the memecoin.
DOGE has also seen an increase in whale activity over the last few days. Last week, transactions between $100,000 and $1 million increased by about 92% at one point.
Will Dogecoin (DOGE) continue to surge?
According to CoinCodex, DOGE may witness a slight correction in April, falling to $0.150837 by Apr. 15, 2024. Hitting $0.150837 from current levels would translate to a decline of about 15.78%.
Changelly also predicts a bearish outlook for Dogecoin (DOGE) for the next few weeks. The platform predicts the memecoin to fall to $0.158410 by Apr. 15, 2024.
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However, there is also a possibility that DOGE could continue on a bullish path. If Bitcoin (BTC) reclaims its all-time high, fuelled by its halving event, we may witness another market-wide rally. In such a scenario, DOGE may continue to surge.
Furthermore, Elon Musk recently announced that Tesla may soon begin to accept Dogecoin (DOGE) for its vehicles. If Tesla enables DOGE payments for its cars, we may witness a surge in the asset’s price.