Dogecoin has seen a brilliant organic price rally in the past few days, with the meme token rising from less than a cent each to an all-time high. This time around, there wasn’t a strong hype factor behind the rally, suggesting traders are interested in the token beyond meme status.
Some of the key catalysts that are driving and continuing to drive the price of Dogecoin now are as follows:
Bitcoin’s domino effect
Bitcoin is the largest and leading cryptocurrency in the ecosystem, and its price development has a direct impact on the performance of all other altcoins on the market. Bitcoin was very optimistic amid positive developments like Coinbase’s IPO. and following the suit is Dogecoin.
Another driving factor could be the altcoin season, many altcoins like Tron (TRX), BitTorrent (BTT), XRP have massively increased in the market and now is the time for Dogecoin to shine.
The Doge’s Mughal advocates
Dogecoin’s most popular association is Elon Musk, who elevated the token’s status from a hoax to a serious investment. Musk’s support for Doge goes beyond trending phases. He’s also been constantly tweeting to show his support for Doge.
It was expected that Elon Musk may have been linked with Dogecoin developers for the purpose of introducing upgrades or offshoots of the coin. It’s also no secret that he follows the Dogecoin developers on Twitter and is quite serious about the token.
Then there is the humpback shark Mark Cuban. This industry giant has also done a lot of campaigning for Doge. Be it accepting payments in Doge for Mavericks merch and tickets or making very bullish predictions for the token.
He is expected to bring a fundamental difference to Dogecoin in order to increase its relevance and use cases. Therefore, these giants could tentatively be the propellers to send “Doge to the Moon,” as the community says.
More recently, Doge has received a reputation from Slim Jim, the seller of smoked meat sticks. It’s the first to have an actual official Dogecoin strategy and it seems to be working very well.
News of this partnership, first reported by Coindesk on Thursday, sent the Doge price to a new high.
DOGE gets a shoutout from Slim Jim!
According to parent company CEO Conagra Brands, the social media savvy snack’s Twitter follower increased 160% and tweet impressions soared after it started dealing with Shiba Inu meme coin last quarter -Content to pamper.
This makes it the first time Dogecoin has been mentioned in a winning call, and the first time a publicly traded company has come up with a legitimate Doge strategy.
This move shows how Dogecoin has grown into a serious token while staying true to its origin of an absurd meme coin.
Dogecoin goes with Slim Jim, of course
Conagra CEO Sean Connolly has spoken about Doge being a natural addition to their Slim Jim brand.
According to the management, participating in the “Online conversation about the Do-Good-Everyday-Sentiment from Dogecoin” has helped to connect with the community in a new way.
He even credited the Dogecoin group for playing a huge role in Slim Jim’s win in Adweek’s brand confrontation with the March Madness theme.
On April 8th, when Conagra’s call to win, Connolly said:
“We saw a significant increase in audience interaction, including direct engagement and endorsement from the person who created Dogecoin.”
That news caused Doge to nearly double from 13.6 cents before the news to a new level of 25 cents. Doge had recently settled at 24.4 cents, up 83.4% in 24 hours and 4300% for the year to date.