The direct listing of Coinbase last week caused cryptocurrencies to have a spectacular surge. However, the trend suddenly reversed and many digital assets made price corrections.
Bitcoin (BTC), considered as the top crypto asset in terms of market capitalization, reached a high of over $60,000 but has dropped to around $56,000 and in the process liquidated more than $9.32 billion.
Many altcoins have mirrored the movement of Bitcoin, particularly its drop, and have retracted even lower. But the momentary damage incurred by the crypto sector seems to have not affected Dogecoin (DOGE) at all.
Top dog emerges from the meme pit
In the last 24 hours, Dogecoin has been trading up just around 28.54% and on a seven-day basis, the meme-based cryptocurrency has shown a mind-blowing rally of 365%.
Last week, the digital asset that started out as just a joke in 2013, achieved a new milestone when it climbed four-fold in price, hitting its all-time high.
DOGE is still in a “price discovery phase” and has not yet consolidated but it has already cleared its previous high of $0.29 and, in fact, has traded at $0.34, according to data by CoinMarketCap.
Dogecoin is listed
Many top cryptocurrency exchange firms, such as Binance and Huobi Global, have added Dogecoin (DOGE) on their platforms. This is an indication of trader confidence backing the meme digital asset.
Coinbase, on the other hand, has not yet followed suit in listing DOGE as it seems to be in a wait-and-see approach. On its website, it states that the only action taken by the publicly listed crypto exchange company is, despite it (Dogecoin) not being available for trade, it can still be added to the watchlist with a Coinbase account.
The digital currency is far from done in its surge though, as traders are anticipating that the crypto asset will advance on National Cannabis Day on April 20.
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