Recently the popular meme coin has seen significant growth in terms of both weekly and one-day trade
The cryptocurrency market overall has seen optimistic movements upward. Almost all the major cryptos are either performing well or at least maintaining balance due to different reasons despite several past and ongoing issues, including mild Covid-19 pandemic waves, Federal Reserves interest rates hikes, and then the war between Russia and Ukraine, and the following sanctions.
Since last week, the prominent canine meme coin has shown significant growth of almost 17.5%, and on Sunday, it even went as high as 5% in a day. On 27th March, the price was somewhere around $0.1357, which at the time of writing was trading at $0.1462, with a slight of 2% from the day high of $0.1527. Following the above mentioned data, Dogecoin has outperformed almost every other cryptocurrency during the same time.
As per the reports, Dogecoin saw an increase in double digits on Thursday last week when a popular cryptocurrency ATM operator Bank of America, added the bitcoin parody digital asset to its list of available coins. Simultaneously, Voyager, a trading app, also supported the meme coin.
On Sunday, billionaire Tesla CEO Elon Musk and one of the proponents of Dogecoin, in response to an idea, started buying Twitter and changing its logo to Doge from the bird, commented that it would be ‘sick’.
The top currency by market cap, bitcoin, stayed in some depth when Dogecoin surged to the level of $44,500 on significant spot exchanges. For a long time, bulls were trying to gain a level above $45,000, which veteran trader John Bollinger described as a ‘key Pivot’. However, it also started performing well later on and currently sits at $47,549, with a gain of more than 11% in a week.
Similar to this, the top most altcoin and smart contract enabled blockchain, Ethereum, was also struggling for a long time to make its move upwards as its level remained below $3,200. But it went upwards from around $3,147 on 27th March to currently trading at $3,424 with a growth of almost 13.5% in the past week.
Another popular meme coin and claiming to be a doge killer meme coin, Shiba Inu, also was following a flat line, but for now, it’s been as high as almost 17% in seven days.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/04/13/why-is-dogecoin-surging-leaving-behind-other-cryptocurrencies/