Leading memecoin Dogecoin (DOGE) has rallied in the past day, despite most of the attention on Bitcoin’s staggering run.
Leading memecoin Dogecoin (DOGE) has rallied in the past day, despite most of the attention on Bitcoin’s staggering run. DOGE currently sits at $0.114, after gaining over 35% in the past 7 days, making it the biggest gainer among the top cryptocurrencies by market capitalization. The price briefly touched $0.12 on Wednesday, reaching its highest level since November 2022.
This impressive run has propelled DOGE up one spot in the rankings, solidifying its position as the 9th largest cryptocurrency with a market cap of $16.3 billion. This surge coincides with a wider trend of meme coin mania gripping the market, such as Pepe (PEPE), Bonk (BONK) and Dogwifhat (WIF).
Fueled by the overall market rally led by Bitcoin, DOGE's gains extended beyond the past 24 hours, gaining another 17% as Bitcoin surpassed $64,000. DOGE is the original memecoin initially created based on the internet meme of a Shiba Inu, and holds intrinsic value primarily based on its online popularity and community.
Despite its unconventional origins, DOGE gained significant traction in 2021 thanks to vocal endorsements from Tesla CEO Elon Musk. His tweets promoting the coin were widely credited with contributing to its meteoric rise, pushing its market cap to surpass that of established companies on the S&P 500 at one point.
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