Doge price hits the highest level since October 2018

A viral TikTok video pushed Dogecoin up 54%, bringing the meme token to its highest levels since September 2018's $0.0068 peak. Retail traders poured in, driving intraday volume up more than 2000% as

By Ray Crawford·8 July 2020·1 min read

Doge price hits the highest level since October 2018

Key Points

A viral TikTok video pushed Dogecoin up 54%, bringing the meme token to its highest levels since September 2018's $0.0068 peak.
Retail traders poured in, driving intraday volume up more than 2000% as

A viral TikTok video pushed Dogecoin up 54%, bringing the meme token to its highest levels since September 2018's $0.0068 peak. Retail traders poured in, driving intraday volume up more than 2000% as Google searches for how to buy Dogecoin hit all-time records.

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The move marks the largest percentage gain in any cryptocurrency over a single 24-hour trading period since the 2017 bull market, according to Ryan Watkins, an analyst at Messari who flagged the jump on Twitter. Daily trading volume surged from below $5 million in early May to $1.3 billion. A TikTok hashtag promoting the coin drew millions of likes.

Dogecoin climbed to $0.00542, up from $0.00227 on July 5. Market capitalization reached $530 million, putting the coin at number 27 among all cryptocurrencies. The all-time high stands at $0.018, reached on January 7, 2018.

Buyers broke through multiple resistance levels with six consecutive daily gains above the critical $0.0023 line. On the four-hour charts, the RSI indicator is climbing into overbought territory. Near-term resistance sits at $0.0055, $0.00574, and $0.0061. If the rally holds, a daily close above $0.005 could trigger a test of higher levels.

Immediate support is at $0.0051. Should the uptrend stall, Dogecoin could fall back to $0.00495 or continue declining toward $0.0023.

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