Dogecoin Price Touches Highest Level In Two Years, A Repeat Of 2021?

Dogecoin (DOGE) is finally showing signs of life, having had a sluggish performance for the longest time. The meme coin recently crossed the $0.12 mark and has been trading at its highest level since November 2022. 

Dogecoin Back In The Game

DOGE climbed back into the top 10 cryptocurrencies by market cap following its recent price surge. Bitcoinist previously reported that the meme coin had dropped out of the top 10 crypto due to its lacklustre performance. DOGE had failed to impress even while other crypto tokens were recording new highs as of late. 

However, that looks to be in the past following DOGE’s recent resurgence. The crypto token is up by over 35% in the last 24 hours and has reclaimed a market cap of $18 billion in the process. This parabolic move no doubt has DOGE’s investors pumped up and has also raised questions about how high and how well the meme coin could perform in this bull run.

There is the belief that the meme coin could replicate or even surpass its performance in 2021, which happened to be its breakout year. Back then, Dogecoin surged by over 26,000% on its way to its all-time high (ATH) of $0.7376. The crypto token’s success in that year was partly attributed to the broader acceptance that it began to enjoy. 

DOGE could gain more mainstream adoption, considering that it is being tipped to be included in X’s (formerly Twitter) Payment service when it finally launches. That is a huge possibility, considering Elon Musk’s (who owns X) fondness for the meme coin. Musk already provided an added utility for the meme coin, confirming that DOGE will be accepted at Tesla’s supercharging station, which is being built in Hollywood. 

Other Meme Coins Coming For Dogecoin’s Crown

DOGE is still the largest meme coin by market cap. However, there is the possibility that that could change before the end of this bull cycle. Newer meme coins like BONK and Dogwifhat (WIF) have come into the game and have performed impressively even before the bull run began to resurface. 

Crypto analyst Bluntz Capital recently suggested that WIF, in particular, could go head-to-head with Dogecoin in this market cycle, stating that the meme coin was about to go “turbo parabolic.” Indeed, WIF is currently in a class of its own (among the top 5 meme coins), posting a year-to-date gain of over 400%. 

At the time of writing, DOGE is trading at around $0.13, up almost 40% in the last 24 hours, according to data from CoinMarketCap. 

DOGE price rises rapidly in one day | Source: DOGEUSD on Tradingview.com

Featured image from Shanghaiist, chart from Tradingview.com