11/27/2022 | Yahoo! Finance
Dogecoin Surges Over 10 Cents — What's Next For The Memecoin?
Cryptocurrency Dogecoin (CRYPTO: DOGE) is soaring on Sunday. After rallying over 9% on Saturday, it traded above the 10-cent level on Sunday.
Doge closed at $0.08899 on Saturday, then spiked higher on Sunday, trading at $0.1035 at the time of writing, a 28% jump in the last seven days.
The recent price action in Dogecoin left the token's market capitalization at over $13.7 billion.
The crypto is still way off its all-time high of $0.737567, reached on May 8, 2021, when it was being promoted by Tesla CEO Elon Musk.
The meme coin was an outperformer among the top cryptocurrencies last week.
Dogecoin started Monday’s session around $0.077 and remained largely bound under the $0.082 level until Thursday.
After closing Thursday’s session at $0.081481, the dog-themed crypto rallied around 10% before settling at $0.089475 on Friday.
The trading volume for the DOGE has increased 116% over the past week, while the overall circulating supply of the coin has increased 0.15% to over 137.05 billion.
According to pseudonymous crypto analyst Kaleo, Dogecoin is always a “buy when it’s boring,” because during bull runs the cryptocurrency surges. “Be patient; sell when it has a massive pump,” he said.
Last week, Dogecoin co-founder Billy Markus said that DOGE at $1 would take its market capitalization above that of “actual companies that provide services to millions” like Boeing, Starbucks, American Express Company, and his former employer IBM.
“Does Dogecoin deserve that? That is not something I can comprehend, let alone answer,” Markus said.