Crypto Market Rally and the Future of Dogecoin

Hello Readers,

I hope all of you are enjoying a festive new year with your family and friends and also watching over the crypto market and anticipating an Altcoin bullrun soon and if you have been keeping an eye on the crypto market lately, you may have noticed some exciting positive trends in the market. Bitcoin, Ethereum, and even Dogecoin have been riding the wave of a bullish rally and our Hive is also not far behind, as it has already made a high at 0.42$. But another token that I have been looking at lately is Dogecoin, the first memecoin in this digital realm which after a long bear season is finally showing some crazy potential again. Many are forecasting a great future for Dogecoin, a cryptocurrency that started as a joke and is now on its way to becoming a global phenomenon. So in this post, I will be talking about Doge and some recent news about it. So if you are interested, let’s take a dive without any further ado.

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The Origin Story of Dogecoin

Dogecoin, the first ever memecoin and dog coin was created back in 2013 by two genius minds, Billy Markus and Jackson Palmer. The aim behind making this memecoin was to simply create a fun and approachable cryptocurrency inspired by the internet’s beloved Shiba Inu meme. Unlike Bitcoin, which is capped at definite 21 million coins, Dogecoin has no maximum supply. This distinct feature makes it an accessible option for users and investors and a unique coin for all types of people in the crypto world.

Dogecoin’s Features

Dogecoin basically uses a simplified version of the Scrypt algorithm and this coin operates on a proof-of-work mechanism or protocol just like Bitcoin. However, mining Dogecoins requires much less electric power and hardware resources, making it more eco-friendly than Bitcoin. As per data, every minute, 10,000 new Dogecoins are mined and added to circulation, which is one of its core specialty as well as its inclusive nature.

Recent Market Performance

Recently, Dogecoin has made it to the headlines once again with significant price movements. Over the past 2 days, Dogecoin’s price has jumped by almost 10% from $0.31 to $0.34, which is now trading at around $0.33. While this price surge may not seem very dramatic compared to other cryptocurrencies, it surely highlights Dogecoin’s popularity among its supporters. Billy Markus, one of Dogecoin’s creators has shared his thoughts today on Twitter, saying, “At least crypto is ripping,” referring to the crypto market’s upward momentum. Known for his witty and interesting commentary, Markus often comes up with a lighthearted perspective on market trends. For example, in the recent past when Bitcoin and other leading altcoins experienced a sharp decline on December 20, Markus humorously tweeted, “So glad I quit my job.”

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The Broader Crypto Rally

This crypto rally coincides with a broader market uptrend and for crypto, Bitcoin’s uptrend may trigger an altcoin rally as per many. Bitcoin, the flagship cryptocurrency which always takes the throne of first mover has soared by almost 4% over the past 2 days, rising from $93,000 to around $97.500, before settling at a current price of $97,490. Ethereum also surged by 4.1% in the last 24 hours, climbing from $3,318 to $3,477, and later adjusted and now trading at $3,470. Even AI-themed meme crypto coins have joined the rally which has the potential to create the next trend in crypto. These coins saw a combined market capitalization surge of over 26% in just 24 hours, reaching a total of $10 billion. Among them, ai16z, which was launched back in October 2024, has already risen to $2 per coin. It has already surpassed DOGE, SHIB and PEPE in terms of pricing and right now ranked 201st on CoinMarketCap website.

The ETF Debate on Dogecoin

One of the most important developments in the crypto space which has also been the latest talk of the town is the potential approval of cryptocurrency ETFs (Exchange-Traded Funds). While Bitcoin ETFs currently hold over a whopping $105 billion in assets and Ethereum ETFs also manage $12 billion, the odds for a Dogecoin ETF still remain uncertain. A recent Polymarket poll showed that the probability of the SEC approving a Dogecoin ETF this year in 2025 has dropped down to 26% from 50% since last week. The decline further fuels the absence of formal applications for a Dogecoin ETF. On top of that, asset managers like WisdomTree have filed for Ripple ETFs, and the SEC is also reviewing Solana ETF proposals from companies such as Grayscale and VanEck, with odds of approval for these 2 ETFs at 76% and 70% respectively. However, Despite the current negative sentiment, Dogecoin’s strong market presence, popularity and $50 billion market cap surely have the potential to keep the possibility alive. If the SEC, under Paul Atkins, adopts a more flexible stand on crypto funds, then hopefully Dogecoin may see significant advancements.

Investors Are Still Optimistic

Despite many uncertainties, most of the investors remain optimistic about Dogecoin. Technical indicators show promising signs, as the Relative Strength Index is breaking above a descending trendline, the Percentage Price Oscillator has formed a bullish crossover, and on top of that, the Dogecoin accumulation and distribution indicator suggests steady investor interest. Dogecoin’s price has already seen a speedy recovery from December’s low of $0.263 to its current level of $0.3382. Crypto analysts are predicting it could climb up to $0.4836, its highest point in 2024, though a drop below $0.265 might signal further challenges on the other hand.

Anyway, Dogecoin’s journey from a lighthearted meme to a serious global cryptocurrency is truly remarkable and worthy of an example in this realm. Whether it achieves new milestones like an ETF approval or not, I think Dogecoin’s future will likely be shaped in a better form by its loyal community and broader crypto market trends in the future.

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I hope all of you loved reading my post about Dogecoin and let me know if you also love this memecoin and are holding some right now in the comment section. That’s it for today readers and I will be seeing you all in my next post.

Posted Using InLeo Alpha