Bitcoin Failed to Reach $100K but Dogecoin Explodes by Double Digits to Almost $0.5

Amidst anticipation in the crypto community, Bitcoin narrowly missed the $100,000 milestone last night, falling short by just $250. Dogecoin has subsequently emerged as the focus, experiencing a significant surge that propelled it to approximately $0.48, marking a three-and-a-half-year high.

Over the past few days, Dogecoin hovered around $0.4 but remained suppressed below it by resistance. However, it surged past this barrier yesterday, initially reaching $0.42 and then skyrocketing to $0.48 for the first time since the market rally in the first half of 2021.

Dogecoin's impressive gains have coincided with US elections, potentially attributed to Elon Musk's association with the meme coin and President-elect Donald Trump. DOGE has soared by over 200% in the past month, prompting crypto analysts to speculate on ambitious price targets during this bull cycle.

DOGE is also the best-performing meme coin in the past 24 hours, with the only other notable gainer being SHIB, which has risen by over 7%. However, other meme coins such as PEPE, BONK, WIF, FLOKI, BRETT, POPCAT, and PNUT have experienced losses of up to 7%.

According to CoinGlass, Dogecoin's rally has resulted in approximately $40 million in liquidations for short sellers in the past 24 hours.