Dogecoin (DOGE) Price Rallies Despite Sluggish Market Conditions

• There was a dramatic uptick in the price of Dogecoin, showing strength of purchasers.
•  The meme coin is now trading at $0.09, an increase of 10.5% in 24 hours.

While Bitcoin, Ethereum, and the rest of the cryptocurrency market have scarcely moved, Dogecoin has skyrocketed. There was a dramatic uptick in the price of Dogecoin, showing the strength of purchasers. DOGE has shown a clear breakthrough over a nearby resistance level, which may indicate a continuation of the current trend.

According to CMC, the meme coin has a market worth of $12.3 billion and is now trading at $0.09, an increase of 10.5% in 24 hours. This is in stark contrast to May 2021, when Dogecoin advocate Elon Musk headlined Saturday Night Live and DOGE reached an all-time high of 73 cents.

Industry Still in Shock

In fact, the best-performing major cryptocurrency during the last day was Dogecoin, which was founded as a joke but is now Elon Musk’s favorite digital asset. Bitcoin, the most valuable cryptocurrency, is down 0.5% over the previous 24 hours, while Ethereum is down almost 1%.

The cryptocurrency industry is still in shock since one of the largest and most popular cryptocurrency exchanges, FTX, declared bankruptcy. As a consequence, this month has seen a significant drop in the value of almost every major cryptocurrency and token.

In 2013, a group of developers created Dogecoin as a joke in homage to the “doge” meme depicting a Shiba Inu dog with a stuttering accent.

In 2020, however, the coin’s value skyrocketed when Tesla CEO Elon Musk began promoting it on Twitter. Since then, prominent investors like Mark Cuban and Musk have defended the coin’s potential as a payment method. However, despite this, it is still 91% behind its all-time high.