Dogecoin Shoots Up Over 17% As Major Cryptocurrencies Continue To Soar But Roadblocks Just Ahead


Dogecoin (CRYPTO: DOGE) shot up on Sunday evening and was the top gainer as the global cryptocurrency market cap rose 1.46% to $2.04 trillion.

What Happened: The Shiba Inu-themed cryptocurrency bounced higher by 17.44% to $0.34 at press time. DOGE has shot up 47.66% for the week.

See Also: How To Buy Dogecoin (DOGE)

Against Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), DOGE rose 13.54% and 13.12%, respectively.

The apex cryptocurrency traded 1.48% higher at $47,670.96 over 24 hours. For the week, BTC has risen 10.56%.

ETH, the second-largest coin by market cap, was up 1.93% at $3,323.65 over 24 hours and 13.27% over a seven-day trailing period.

ADA, which shot up 54.58% over the week traded 1.22% lower over 24 hours to $2.18 at press time.

The Charles Hoskinson-created cryptocurrency traded 3.76% and 4.11% lower against BTC and ETH, respectively.

Revain (CRYPTO: REV) was the top gainer on Sunday evening as the coin shot up 77.58% for the week and 8.35% over 24 hours to $0.0118.

The token of a project centered around blockchain-based reviews traded 21.14% and 20.7% higher against BTC and ETH.

Other than DOGE, top 24 hour gainers included Solana (CRYPTO: SOL) up 23.03% at $54.69 and Terra (CRYPTO: LUNA), which gained 16.13% at press time to reach $20.13.

Why It Matters: Youtuber Matt Wallace noted the internationalization of the DOGE rally over the weekend and the shifting of action to Binance, a major cryptocurrency exchange.

“This time you’re seeing Binance playing a bigger role, and that’s one of the top exchanges in the world. [It’s] not as popular in the U.S., which means that we are now seeing markets most likely in Asia and in Europe starting to really move to accumulate Doge more, which I think is going to lead to the next big leg up,” said Wallace.

Wallace predicted a price of $1 for the meme coin.

On Bitcoin, Matt Blom, head of digital asset company Eqonex said last week that the $50,000 price level may be difficult to pass due to profit-taking.

As the coin moves to the $50K mark — “People are going to take some coins off. I don’t care how much of a HODLer you are,” said Blom, reported CoinDesk.

See Also: Where Will The Bitcoin Rally End?

Meanwhile, Cardano’s Alonzo upgrade that will usher in smart contracts would be launched on Sept. 12, as per Nigel Hemsley, head of delivery for the cryptocurrency project.

Yuri Mazur,  head of data analytics at CEX.IO, a broker, said, “Cardano’s highly anticipated Alonzo upgrade is also a good reason for investors to stack up the coin,” CoinDesk reported.

Read Next: There’s Growing Buzz Around Dogecoin-Ethereum Collaboration: Here’s What The Progress Looks Like



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