Dogecoin (DOGE) Jumps 15% Today. Is Now the Time to Buy?

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  • According to CoinMarketCap, Dogecoin spiked more than 15% during the past 24 hours, with trading volume up 10% to more than $1.5 billion compared to yesterday. DOGE was also up more than 23% during the past week.
  • This latest surge for DOGE follows a similar pop over the weekend for pup-based meme coin Shiba Inu.

The dog-themed meme crypto DOGE has pushed back into the top-10 of digital assets by market cap with more than $1.5 billion in trading volume during the past 24 hours.

The price of pooch-themed digital asset Dogecoin (DOGE) has been chasing higher levels today as the coin has ranged between a low of $0.0757 to as high as $0.0884 on intraday trading across cryptocurrency exchanges, according to CoinMarketCap. The pricing spread marks a 15% increase which has remained fairly steady at the time of writing, on a 10% boost in market volume of more than $1.5 billion during the past 24-hour period.

Over the past week, the price of DOGE pumped 23% on media reports that it's likely to have more applications on its blockchain than Cardano (ADA) due to recent announcements from Dogecoin developers regarding enhanced use cases. The pup-coin pump also benefited Dogecoin alt coin Shiba Inu (SHIB) which fetched itself a 30% price jump this past weekend as holders of large amounts of Ethereum filled digital wallets with SHIB.

Is DOGE a buy in this range?

Things have been quiet for DOGE the past few months with Bitcoin grabbing headlines for topping $25,000 per coin over the past few weeks and excitement growing around the upcoming Ethereum Merge in mid-September.

Some crypto analysts are predicting that the momentum behind DOGE could push it as high as $0.10 per coin, but it's currently facing resistance at $0.088. If it pushes through that level, retests, and then bounces higher, those traders say it could be the start of a possible rally for Dogecoin, which just rejoined the top-10 cryptos based on total market value.

This is not financial advice and prospective investors should do their own research and know their level of acceptable losses. For now, it's too early to tell if the programming upgrade for DOGE -- known as libdogecoin -- will attract the number of app developers and deliver on its promise to enable cross chain functionality for DOGE. If that happens, DOGE could separate itself from the pack of joke tokens and possibly transform into a best-of-breed payment option for Web3. We'll be sure to keep our eye on this one.

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