Dogecoin (DOGE), the (in)famous cryptocurrency associated with the Shiba Inu meme, has just surged by over 17% to reach its highest value since late November 2019. DOGE is now valued at $0.00242, up from just $0.00203 this time yesterday.
With a market capitalization of just above $300 million, Dogecoin can now be considered the 29th largest cryptocurrency by market capitalization; in the last two weeks, Dogecoin has leapfrogged the likes of Basic Attention Token (BAT), NEM and VeChain (VET) to secure its new position.
Although Dogecoin is currently leading the crypto market in terms of percentage gains, the vast majority of cryptocurrencies are also in the green today. In total, the market capitalization of all cryptocurrencies has swelled by $2 billion in the last 24 hours, whereas Dogecoin accounts for just 2.5% of this growth after adding $50 million to its market cap overnight.
As one of the more volatile cryptocurrencies around, Dogecoin frequently defies market trends and racks up gains for no apparent reason. This time, however, DOGE's recent price growth appears to be related to news that the cryptocurrency broke through a descending resistance band that was established between November 2019 and now. Breaking above this line appears to have caused a change in trader sentiment, leading to increased demand and hence price growth.