Dogecoin to the Moon is going viral online as the DOGE price is soaring again.

What Happened to Dogecoin Soar

The year 2021 has paved the way for massive growth in cryptocurrency.

However, the cryptocurrency industry is also experiencing an all-time low. But looking at market behavior, it seems that it is starting to get its bearings back.

This market behavior is triggered after Chair Jerome Powell's appearance before Congress.

The cryptocurrency market soared early on Wednesday, Jan. 12, as markets rallied and fears of the Federal Reserve surprising the market faded.

The Bitcoin price in dollars now is at $43,938, which had increased by 3.2% in the last 24 hours.

According toThe Motley Fool, the cryptocurrency Solana also experienced this hike at 8.1%, SOL price right now is at $152.50.

Ethereum also experienced the high increasing to 5.2%, while Dogecoin went up at 7.2%. Dogecoin price is now $0.1737.

Some experienced in the market may say this isn't much compared to the rally seen last year, but this is definitely a good place for some investors to start.

In fact, here are some reactions of ecstatic fans online since the hashtag, Dogecoin to the moon is trending. 

Here is a cute dog representing the Dogecoin looking at itself!

 Some enthusiasts are also going crazy about it.

 However, this last tweet best describes Dogecoin right now.

The significant rise in key cryptocurrencies began early this morning, Jan. 13, and has been sustained across the majority of the market.

This could simply be a case of following the stock market, which is slightly higher today than it was yesterday, Jan. 12, as well as the crypto market.

Read Also: Bitcoin 2022 Price Prediction: Slowly Crashing This 2022 Under $40,000; Jack Dorsey Building Own Mining in Block

Investors Relived after Senate Testimony

Stocks finally seemed to be getting back on track on Wednesday after all three major indexes bouncing back from recent lows.

Dogecoin to the moon and the recent market shift is also due to the investors being relieved as leads are pointing that of in the direction of Federal Chair Jerome Powell's testimony in front of the Senate Banking Committee for a potential second term.

The public, most especially the investors and traders, weren't surprised about the testimony delivered in Congress.

Instead, markets exhaled a sigh of relief as Powell stated that the central bank is focused on preventing "entrenched" inflation.

As reported in Nasdaq, he also stated that the Fed would take care of the economy as it proceeds on with removing the stimulus measures and raising interest rates.

Investors have been concerned about rising interest rates, which have recently taken a toll on stocks.

However, experts predicted the Fed will raise interest rates at least four times this year, which has worried investors, but Powell's words on Tuesday, Jan. 11, helped to calm the anxieties.

Market Surge Due to Inflation

Powelll stated that the omicron variant of the coronavirus that causes COVID-19 may result in a "short-lived" pause in growth and added that the high inflation rate is expected to be experienced until the middle of the year, as per MarketWatch.

As lawmakers pressed him on the central bank's ability to combat inflation, powell addressed to the senate that moving away from the Fed's current policy stance "should not have detremental impacts on the labor market."

To curb the highest U.S. inflation in almost 40 years and to discourage undue risk-taking, Kansas City Fed President Esther George said the central bank should speedily reduce its enormous $8.5 trillion bondholdings.

Related Article: Defi Kingdoms Free NFT Game: How to Earn, Is It Better Than Axie Infinity?