Dogecoin Price Surges Again, Up 50% in a Week!
The value of Dogecoin has surged by 34% in the last 24 hours, rising over 50% in the past week, and is currently trading around US$0.13.
Dogecoin ranks ninth among cryptocurrencies with the largest market capitalization, valued at US$19.6 billion, surpassing Avalanche (AVAX) and TRON (TRX), valued at US$15.7 billion and US$12.5 billion respectively.
Reported by DailyCoin, three bullish on-chain signals indicate increased interest in Dogecoin, with an 86% increase in new wallet addresses and a 37% increase in active wallet addresses. This indicates that interest in Dogecoin is not just temporary but has long-term growth potential.
Technical analysis shows similarities between the current price movement of Dogecoin and the spike to a record high of US$0.73 in May 2021. Although still 86.5% below its peak, Dogecoin shows significant growth potential in bullish scenarios.
During the bullish market conditions in 2021, Dogecoin's market capitalization surged to levels surpassing many established companies listed on the S&P 500 index, which is a benchmark for the performance of large-cap stocks in the United States.
About Dogecoin
DOGE is a meme coin, a cryptocurrency based on internet jokes or popular culture. It is the largest and original meme coin, initially created as a joke to mock Bitcoin.
However, its popularity and price have increased further after Tesla CEO and the world's richest person, Elon Musk, endorsed the asset. At one point during the 2021 surge, the company had a larger market capitalization than many companies in the S&P 500.
Musk has since hinted that it could be used for payments on Twitter. DOGE developers exclusively told Decrypt in 2021 that they had briefly collaborated with Musk to enhance the cryptocurrency for widespread acceptance in payments.
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