Dogecoin (DOGE), the meme-based altcoin that became Elon Musk’s favorite topic of conversation, doubled in 24 hours, reaching an all-time high of $ 0.29.

1 hour light chart for DOGE / USD (Bittrex). Source: Tradingview
Doug leaves others in the dust
Cointelegraph Markets Pro and TradingView showed that the DOGE / USD outperformed the other major cryptocurrencies by a large order on April 16th.

It seems like an incredible move: Dogecoin has also become the eighth largest cryptocurrency by market cap, surpassing Litecoin (LTC), Chainlink (LINK), and Uniswap (UNI), among others.

At the time of writing, DOGE is trading around $ 0.25. The gains on any timeframe were impressive – 80% on the day, 300% last week, and annual returns of over 5,000%.

Compared to the same date a year ago, shortly after the cardholder market stalled in 2020, Dogecoin is up 12,600%.

When they responded, it seemed that even professional traders were taken aback.

“This is the first DOGE pump I missed in many years, but I still love to see it. The most beloved blessing I have ever changed my life in 2017. Happy for those of you who participated in it, right?” Scott Melker tweeted.

Turkey has adopted a ban on cryptocurrencies
As with cryptocurrencies more broadly, Dodge’s historic profit came from Bitcoin (BTC) that day, as the largest cryptocurrency received a full-time pre-test of around $ 61,000.

Several tests of the $ 61K support level left the door open for further falls on Friday, resulting in daily losses of around 2.8%.

Bitcoin’s dominance in market capitalization was 52.1%, which has also decreased significantly in recent weeks as the time comes for the altcoin when some analysts believe it will only peak this summer.

1 hour light chart BTC / USD (Bitstamp). Source: Tradingview
The ban on transactions imposed by Turkey’s central bank was identified as having resulted in a loss for the recovery, and this was done due to potential “irreversible” side effects on the country’s existing mandatory payment network.

Reuters quoted Reuters as saying: “It is believed that their use in payments may lead to losses that cannot be recovered to the parties to transactions due to the factors mentioned above, and they include elements that could undermine the credibility of the methods and tools currently used in payments.” .. Tells.

ETH has also shown signs of cooling, as it approached $ 2,400 after seeing steady gains above $ 2,500 the day before.