Dogecoin Surges 11.6% as Crypto Market Rallies

Myriad, a prediction market platform, has seen a surge in activity with various markets attracting significant attention. One of the most notable markets is centered around the price of Dogecoin (DOGE). Predictors are divided on whether DOGE will trade above $0.19 by Saturday night. As of the latest update, there is a 52% chance that DOGE will surpass this threshold, driven by a broader rise in crypto prices, including Bitcoin reclaiming $100,000. DOGE has seen an 11.6% increase in the last 24 hours, reaching $0.191, which is above the market line. This performance is consistent with the broader meme coin category, which has seen a 13% increase over the same period.

Macro trader Raoul Pal has expressed his views on the market, suggesting that Bitcoin's dominance may have peaked. He posted on X (formerly Twitter) that if his prediction holds, it could signal the start of a new phase in the market, potentially benefiting DOGE. The dog-themed token had previously closed above $0.19 on April 25 and dipped to $0.165 earlier this week before its recent surge. With no major macro events scheduled before the market closes, the focus shifts to potential wild cards, such as social media posts from President Trump, which could influence market movements.

Another significant event that has captured the attention of predictors is the election of a new pope. The market saw wild swings as white smoke billowed from the Sistine Chapel, indicating that a two-thirds majority had been reached. Early on Thursday morning, odds were split between Pietro Parolin and Luis Antonio Tagle, with around 50% of the odds allocated to "other" candidates. However, after the white smoke, odds shifted dramatically, with Parolin's chances rising to 67% while Tagle and "other" candidates saw their odds drop. The final twist came when American Robert Prevost was elected, causing a dramatic shift in the odds, with "other" jumping to 100% resolved by 1:20pm ET.

The NBA championship market has also been volatile, with the Boston Celtics and Oklahoma City Thunder experiencing significant shifts in their odds. The Celtics, who were initially favored at 39%, saw their odds plummet to 22.4% after blowing notable leads in their playoff games. Meanwhile, the Thunder rebounded to reestablish themselves as the prohibitive favorite at 40.6%. These odds differ slightly from those offered by sportsbooks, where OKC sits at +130 and Boston at +310. The upcoming road games for both teams this weekend could further impact the odds, with the Celtics facing the New York Knicks on Saturday and the Thunder taking on the Denver Nuggets on Sunday.