Bitcoin Failed to Reach $100K but Dogecoin Explodes by Double Digits to Almost $0.5

All eyes in the crypto community were on bitcoin last night as the asset was expected to finally hit the coveted milestone of $100,000. Although it came just $250 away on most exchanges, BTC failed to do so and has retraced by around a grand.

However, Dogecoin has emerged to catch the attention now, with a massive surge that drove it to around $0.48 earlier today – a new 3.5-year peak.

The largest meme coin flirted with $0.4 for a couple of days straight but was ultimately kept beneath it by the bears. However, it exploded above it yesterday to $0.42 initially and then shot up to $0.48 for the first time since the bull market in H1 of 2021.

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

$doge about to break out of last log scale fib before all time high and beyond. $4-10 to close out the cycle would be epic. We need absolute irrational number targets to be hit in order to cement its place in crypto for next season. pic.twitter.com/KJqPvNyD1E

— Cephii (@Cephii1) November 22, 2024

DOGE is also the best-performing meme coin in the past 24 hours. The only other one well in the green is SHIB, which is up by over 7%.

However, PEPE, BONK, WIF, FLOKI, BRETT, POPCAT, and even the recent sensation PNUT are with losses of up to 7%.

Moreover, DOGE’s rally has led to nearly $40 million in short liquidations over the past 24 hours for Dogecoin bears, according to CoinGlass.