Dogecoin (DOGE) breached its previous all-time highs on Tuesday this week when it reached $0.088 then proceeded to blast higher to reach $0.29 on Friday, adding 230% to the coin’s value in mere days. The move has made a substantial difference to its market capitalisation, with the coin moving to number eight in the list of the world’s largest cryptocurrencies, overtaking litecoin (LTC) and uniswap (UNI).
The current market cap of everybody’s favourite meme coin is now $32.2bn and another 50% move up would see it take the number five spot.
In the meantime, bitcoin (BTC) has been unable to find further traction after the Coinbase IPO hype fizzled out, while ether (ETH) was able to move higher after the Berlin hard fork went live with the coin trading above $2,500 for the first time.
The crypto bull rally is as strong as ever
A lack of selling in DOGE after the move to its previous record high at $0.088 suggested that support was still there for the meme coin and it was a matter of time before it moved higher again.
Meat stick vendor Slim Jim has been linked to the currency’s rise after the company delivered a barrage of tweets in what it called “Dogeweek”. Slim Jim is also seeing a huge rise in interaction on its Twitter account after it announced a limited-edition Doge Slim Jim, which will launch on 20 April 2021.
ETH was able to advance this week with the coin trading above the $2,500 level on Thursday. The ether blockchain went through an upgrade which it named Berlin and that sets it up for the larger London hard fork in July. These moves are part of the upgrade to the much-anticipated Ethereum 2.0 launch. ETH is trading at $2,455 at the time of writing.
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BTC was unable to make any further gains after its move to the highs near $65,000. The coin saw demand fade after the Coinbase IPO failed to live up to its hype.
Coinbase slumps below IPO opening price
Coinbase Global Inc (COIN) launched on Wednesday in the largest-ever direct listing as the cryptocurrency exchange saw a valuation of more than $100bn.
Shares of COIN opened at $381 on the Nasdaq and moved to a high of $429.54. However, the stock soon lost that initial momentum and closed the first day of trading at $328.28. The latest price ahead of Friday’s opening is around $321 per share.
Despite the dip, Cathie Wood’s ARK investment fund snapped up $250m of the stock, while another analyst said that COIN stock was a “must own” for longer-term investors.