Bitcoin Fails To Reach $100,000, But Dogecoin Explodes By Double Digits To Almost $0.50

Last night, all eyes in the crypto community were on bitcoin as the asset was expected to finally hit the coveted $100,000 milestone. While it only hit $250 on most exchanges, BTC didn’t and is back around a thousand.

However, Dogecoin has emerged into the spotlight now, with a massive rally that took it to around $0.48 earlier today, a new 3.5-year high.

DOGE USD. Source: TradingView

The largest meme coin flirted with $0.4 for a couple of days in a row, but was eventually held below it by the bears. However, it exploded above yesterday to $0.42 initially and then soared to $0.48 for the first time since the 1H21 bull market.

Dogecoin is among the most notable gains since Trump won the US election, perhaps due to Musk’s affiliation with both the meme currency and the president-elect. DOGE has soared more than 200% in the past month, and crypto analysts are now setting impressive and perhaps far-fetched targets for the asset during this bullish cycle.

$ twelve about to exit the last log scale fib before all time and beyond. $4-10 to close the loop would be epic. We need absolute irrational number goals in order to solidify their place in crypto for the next season. pic.twitter.com/KJqPvNyD1E

— Cephii (@Cephii1) November 22, 2024

DOGE is also the best performing meme coin in the last 24 hours. The only other well in the green is SHIB, which is up more than 7%.

However, PEPE, BONK, WIF, FLOKI, BRETT, POPCAT, and even recent sensation PNUT are down up to 7%.

Additionally, the DOGE rally has resulted in nearly $40 million in short liquidations over the past 24 hours for Dogecoin bears, according to CoinGlass.

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