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Dogecoin doubles in a day as YTD gains hit 5000%


16 Apr 2021   #Dogecoin

Everyone's favorite meme cryptocurrency has delivered 12,600% gains in a year and likely created a string of millionaires. Dogecoin (DOGE), the meme-based altcoin which has become a favorite talking point of Elon Musk, has doubled in 24 hours to hit all-time highs of $0.29.

DOGE leaves others in the dust

Cointelegraph Markets Pro and TradingView showed DOGE/USD outperforming other major cryptocurrencies by an order of magnitude on April 16. In what appears an almost unbelievable move, Dogecoin has also become the eighth-largest cryptocurrency by market cap, surpassing Litecoin (LTC), Chainlink (LINK) and Uniswap (UNI) among others.

At the time of writing, a single DOGE traded at around $0.25. Gains on any timeframe remained beyond impressive — 80% on the day, 300% over the past week and year-to-date returns in excess of 5,000%. 

Versus the same date one year ago, shortly after the pit of the brief 2020 bear market, Dogecoin is up 12,600%. Reacting, it appeared that even professional traders had been caught by surprise.

"This is the first DOGE pump I have missed in years, but I still absolutely love to see it. Favorite asset of all time, changed my life in 2017. Happy for you guys who are in it, innit?" Scott Melker tweeted.

As with altcoins more broadly, meanwhile, Doge's historic reversal of fortune came at the expense of Bitcoin (BTC) on the day, with the largest cryptocurrency seeing a forecast retest of previous all-time highs around $61,000. Several tests of $61,000 support left the door open for further dips on Friday, bringing daily losses to around 2.8%.

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