Dogecoin Outstrips Bitcoin As Market Surges
Following a massive sudden surge in the general cryptocurrency market, Dogecoin, the seventh-ranked on the highly-rated website and analytic tool, Coinmarketcap, has refused to be left behind. The dog-inspired coin has in defiance of its origins as a joke continued to defy expectations after being brought to light by billionaire and tech giant, Elon Musk. Amidst a massive pump in price which has seen the general cryptocurrency market surge to its highest point since the market crash in May, Dogecoin once again defies odds as it has outperformed both Bitcoin and Ethereum over the past few weeks.
Dogecoin, which started the year below a penny saw an unprecedented rise to a peak of $0.78, an astronomical 8000% rise in value. The elation among its holders was short-lived though as due to the general market drop, DOGE which unlike other cryptocurrency coins was pushed primarily by sentiment and not actual use saw a significant crash and lost almost 80% of its value in the following months. That volatility seems once again to be driving it to a massive swing amidst the current ongoing surge.
Dogecoin Still Below Previous Highs
A price movement from around $0.20 to around $0.28 on Monday symbolizes a 41% increase in price over the past week. A significant gain over Bitcoin and Ethereum which have only done 21% and 29% respectively. Although this is a massive gain it still rests significantly below its previous high by about 63% a far cry from Bitcoin and Ethereum which are quickly closing in on previous highs. What remains to be seen is whether DOGE will continue to maintain its momentum to break its previous high.
A lesser-known but closely related coin to DOGE known as SHIB is also attempting to keep pace with it as the market swings upward. SHIB has also experienced a massive price gain with a 30% rise in the same time frame as DOGE. Although it has made fewer gains than its predecessor, its growth potential is still remarkable.
DOGE-USDT 24-hour peak. Source- Trading View
Altcoins Continue To Rise
Altcoins in the market have also not been left out of the surge Bitcoin has brought into the market. Cardano which fared significantly better than other coins during the market drop in may is once again on the rise as its creators announced the introduction of smart contracts in their continuing effort to reach and eventually overtake Ethereum as the leading decentralised application. The news of smart contract adoption to their platform saw a massive 21% gain to the coin in 24 hours as it reached a peak of $1.86.
Following close behind Cardano is Polygon, another coin that stayed strong during the price drop of May. Polygon experienced a gain of over 20% in 24 hours to a peak of $1.36 per coin. Bitcoin continues to make gains in its sudden surge and that has,in turn, had an immensely positive impact on the market with many more coins seeing positive rises in price.
Cardano/USDT Source – TradingView
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