Dogecoin Price Surges Past $0.1 as Traders Horde More DogeCoin

Bitcoin’s explosive rally over the past month has led to a state of euphoria in the crypto market, with investors willing to engage in higher degree of risk-taking. Unsurprisingly, altcoins are witnessing explosive breakouts, with meme coin prices also heating up.

According to CoinMarketCap data, the meme coin market cap has appreciated by 6% over the past 24 hours, with an average price increase of 11%. The top meme crypto – Dogecoin ( DOGE ) – has soared by 4% over the past 24 hours, thanks to a 22% bounce in its daily trading volume.

The Dogecoin price has now breached the crucial $0.10 level, creating a monthly high of $0.105 earlier this week. After clearing the $0.069 resistance back in October, DOGE has appreciated 52% since, climbing 22% this week alone. The top meme coin now has a market capitalization of $14.5 billion, making it the 9th largest crypto in the market.

Why Is Dogecoin Going Up?
Due to the ever increasing likelihood of a spot Bitcoin approval, BTC created a new yearly high of $44.7k earlier this week. However, the largest cryptocurrency has since been consolidating below the $44k level, allowing the market capital to rotate to the altcoins and the meme coins.

As a result, Dogecoin breached all major resistances, paving the way for a strong upside move. Over 63,000 addresses purchased over 3.2 billion DOGE at $0.095, converting that price point into a strong support for a potential rally to $0.14.

Earlier this week, CoinDesk reported that the Dogecoin price experienced a minor reversal when Elon Musk tweeted that his artificial intelligence startup xAI was not raising any money. However, the dog-based meme coin held strong, immediately reclaiming the $0.10 price mark.

The Dogecoin community is also hyped over the upcoming Astrobotic launch, which could literally send “Doge to the moon”. The Pittsburgh-based aerospace company is planning to send a physical Dogecoin to the moon via ULA’s Vulcan Centaur Rocket on the 23rd of December.

Dogecoin Price Prediction – How High Will Dogecoin Go?
Despite Doge’s strong move to the $0.102 mark, the top meme coin still has tremendous price potential. TradingView’s Dogecoin technical analysis highlights that the meme coin is outperforming all crucial moving average indicators in the daily and weekly time frame, giving it a “Strong Buy” signal.

In the monthly time frame, the bulls are looking to target the 30-month Simple Moving Average at $0.115 mark.