Dogecoin continues to rise even as the other major coins take a plunge

Even if the technical analysts don’t take Dogecoin seriously, it has shown a significant jump in price. As we saw, the weekend crash of Bitcoin and, in turn, the whole cryptocurrency market, only one coin survived the crash, and that too just due to the mass support. It has shown a significant rise of 465.8% in just a week. The coin has jumped up tothe fifth position in the cryptocurrency market by market cap. It even stumbled XRP temporarily to come at the number four spot. Currently, Dogecoin is trading at $0.4021, with a market cap of over $50 billion.

The coin, which was just made as a meme coin, is not technically strong nor solves a purpose like other valuable coins do. Also, no developers are working on it. Still, the coin was recently highlighted by many famous personalities like Elon Musk, which in turn attracted a massive number of investors, primarily new people entering the crypto market.

The chances of the rally are continued as April 20 is being referred to as “Dogeday.” A massive community aims to uplift the price of Dogecoin to $1, which means there is still a lot of growth coming. However, the technical experts fear that the ongoing price rally is a bubble, which can burst easily as the cryptocurrency’s ownership is concentrated in few hands.About 65% percent of all Dogecoin ispresent in just 98 wallets across the world.