Dogecoin (CCC:DOGE-USD) does not appear to be slowing down, rocketing to new all-time highs above 32 cents on Friday morning. In fact, after the moonshot rally in the last 24 hours, many Dogecoin price predictions simply feel irrelevant. With all of the DOGE hype in mind, what do you need to know?
As retail investors continue to take DOGE to the moon, there has been no shortage of chatter on Wall Street. Memes, celebrity influencers and national regulators are all jumping into the frenzy. In fact, there is almost too much news to watch. However, InvestorPlace did the hard work for you.
In no particular order, here are some of the top news DOGE stories from the past day:
- Dogecoin set an all-time high above 32 cents on the morning of April 16. Its market capitalization currently sits at $37 billion.
- Based on this massive gain, Dogecoin has climbed in the crypto rankings. According to data from CoinMarketCap, it is now the No. 7 crypto, overtaking Polkadot (CCC:DOT-USD). Yesterday, it shot into the No. 8 ranking above Uniswap (CCC:UNI-USD).
- The record rally also has investors buzzing about potential Robinhood crypto bans. Following reports that customers were not able to trade DOGE, Robinhood said it was having difficulty facilitating crypto trading. It has since denied placing restrictions on Dogecoin.
- Some crypto insiders are now worried that the bullish gains in Dogecoin price predictions are reflective of a crypto bubble.
- Elon Musk is not one of those bears. He jumped into the frenzy with another tweet, captioned “Doge Barking at the Moon.”
- Despite the hype around Dogecoin prices, r/WallStreetBets reversed a decision to allow DOGE discussion on the subreddit.
- Slim Jim reported that it has a Dogecoin strategy. Some say this is the first time DOGE was mentioned in a corporate earnings call.
What Comes Next for Dogecoin Price Predictions?
So where does DOGE go next? And what does this record rally past 32 cents mean for Dogecoin price predictions? As InvestorPlace Assistant News Writer Brenden Rearick highlighted previously, many top year-end targets are around 40 cents. That is not far from where Dogecoin is trading today.
Perhaps now the most important thing is for investors to understand how and why Dogecoin operates the way it does. As InvestorPlace Markets Analyst Thomas Yeung wrote yesterday, it is not about traditional investing. Instead, it is a lesson in the power of community support for DOGE. Although he does see a bull cash for Dogecoin hitting $10, he also thinks its retail backers play a huge role. To better understand this, he encouraged even experienced investors to put $500 into DOGE.
Maybe everyone really can benefit from some time in Reddit university.
On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Sarah Smith is a Web Content Producer with InvestorPlace.com.