Dogecoin [DOGE] skyrockets to over 6 month-high ahead of Dogethereum demo
While the cryptocurrency market on Saturday was largely bullish, Dogecoin [DOGE] in particular was soaring to new heights. The coin surged more than 30 percent to nearly $0.0066, its highest level since February 24.
In the last week alone, the coin has more than doubled in value and its market value has risen by 70 percent in the same period. The crypto’s market cap at the time of writing was $697.6 million, data from CoinMarketCap showed.
The sudden rise in the crypto’s price have left many to speculate that the bullish trend is a continued reaction to the recent alpha release of Dogethereum, a Dogecoin-Ethereum bridge.
Simply put, the bridge uses the “Superblocks” concept to move coins DOGE to ETH and a “collateralized” bridge to move coins ETH to DOGE.
Initially, however, plans were in place to launch Dogethereum as a separate digital asset, with the ticker DOGX, through a hard fork. Eventually, the communities decided not to split the Dogecoin chain.
The team will be demonstrating the new bridge on Wednesday, and could lead the coin to newer highs.
The altcoin earlier found support at $0.0044, and has continued its unprecedented gains. If it continues this bullish momentum, DOGE could soon be valued at $0.007 for the first time since February 21. At the time of writing, the 100 EMA line showed that the coin was in an uptrend. The MACD indicated that the virtual currency was firmly placed in the bullish zone. DOGE was exhibiting a significant trading range of $0.0039-$0.0069. As of 2213 GMT, the digital asset had shot up 33.4 percent against the U.S. dollar to trade at around $0.006.
The digital currency, at the time of writing, had surged 30.4 percent against BTC. Currently, one DOGE is equivalent to around 0.00000084 BTC.
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