The chief economist of a blockchain data firm breaks down why the current dogecoin rally has more legs to run – and lays out why ‘anything is possible’ for the altcoin, including reaching $1

• Chainalysis last week announced that it now covers dogecoin due to strong demand from customers.
• The firm’s on-chain analysis finds that dogecoin is being widely adopted by new investors.
• Its chief economist explains why that suggests the current dogecoin rally has more legs to run.

In another sign of dogecoin moving away from its joke token status, blockchain data firm Chainalysis recently said it now covers Elon Musk’s favorite memecoin due to strong customer demand in both the public and private sectors.

Dogecoin surged 44.4% in the past week to reach 34 cents as of Monday morning, according to CoinGecko.

The latest bull run is thought to have been fueled by two billionaires. In a Saturday Twitter response to Mark Cuban’s claim in a CNBC article that dogecoin is the strongest cryptocurrency as a medium of exchange, Tesla CEO Elon Musk said: “I’ve been saying this for a while.”