Dogecoin has defied all odds in terms of price as the digital asset has seen a massive price rise to touch close to a new all-time high record of $0.0961. With the main trigger behind the surge still unknown, the digital asset, which was previously a meme coin, is now gearing up for more use cases. A recent report stated that some entities were reportedly planning to start using Dogecoin as a payment option. This is not a new one, as a previous news from Miami has shown that a nightclub is planning to start taking payments in digital assets, and the meme coin is one of the already shortlisted coins that they are planning to start with. In the last few hours, various data from different sites correlated to show that the digital asset went from the previous low price of $0.07 to make its foray into the new daily high at the price that it sells for now. The digital asset also saw its trading volume daily skyrocket to touch within $5.4 billion.
Dogecoin has been showing signs of a surge since April 8
The manner in which the price of Dogecoin has risen over the last few months has shocked both crypto traders and onlookers in the market. However, this is no longer news, but some analysts have attributed the recent surge in the price of the asset to various individuals that have pushed the adoption. Leading the pack is the famous CEO of car making company, Tesla, and other celebrities like Snoop Dogg, as the support is evident from their tweets on microblogging platform Twitter.
Before now, some on-chain market data has pointed out around April 11 that the digital asset was going to do a massive climb, but at that period, it was still in bearish waters. The VORTECS score evaluation used to calculate the surge is a tool used to calculate the movement of digital assets judging from its performance over the years and its performance recently. Other factors that it considers are the market sentiment, trading volume, and the activities of the asset on Twitter.
Popular backing will help some coins
The VORTECS showed that the asset entered a green zone on April 8 and further moved up to touch a new higher level by April 10. After this move, the asset briefly saw a small surge of about 30% the next day. After that, the asset continued to see a spark in the VORTECS score, a move that further propelled it to touch close to 87, recording another surge of 40% in the following day. With the digital assets back trading in the bullish zone, some projects might be seeing a new lease of life. Some analysts have mentioned that some coins, more than others that have seen backing by popular entities, might perform better than the others. With the backing, new traders might follow the famous market, which is a win for all those involved.