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DOGE Continues the Bullish Momentum Adds $3 Billion to Its Market Cap

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VOC, Voice of Crypto, DOGE

DOGE has earned a spot as one of the best-performing cryptos in the past week. As of the time of writing, DOGE has gone up by 12.5% and currently sits at $0.8610.

This is unsurprising because DOGE, in particular, has moved to the upside in four weeks, from the $0.064 level on July 17 to $0.086, meaning that DOGE has outperformed most other cryptos, as per data calculated by tradingview.

DOGE is ranked the 10th largest cryptocurrency by market cap, especially after several tweets by Billionaire and Entrepreneur Elon Musk pushed the prices upward in April 2021. While relatively unknown then, the meme coin experienced a few powerful pumps that served as the foundation for where it currently sits in cryptocurrency rankings.

DOGE Statistics

DOGE has increased by 12.5% in the last  24 hours and by 24% in the last week.

Doge 1 month price chart

Dogecoin 1 month price chart | Source: CoinMarketCap

By marketcap, the memecoin has $11.43 billion. A 13.28% increase in the last 24 hours, with a daily trading volume that climbed 5% upward and now sits at $1.44 billion.

Doge market cap

Dogecoin market cap | Source: CoinMarketCap

In the last 30 days, the memecoin has added a little over $3 billion from its previous $8.44 billion position.

What Might Have Caused Dogecoin’s Pump

Mark Cuban, billionaire crypto investor, on August 11, in a Twitter engagement with Cardano holders, noted that dogecoin has more practical use cases in terms of payments than Cardano (ADA).

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In reply to a Twitter thread, Cuban told his almost 9 million audiences that while Cardano can accommodate more transactions per second on its blockchain, Dogecoin is infinitely better in terms of utility. According to Cuban, time will tell which blockchain is the better of the two.

Over the past week, memecoins like Shiba Inu and Dogecoin have experienced double-digit percentage increases, with SHIB moving up 14% and Dogecoin moving up 12.5% in price.

These two coins, among others, have experienced massive capital inflow and are picking up steam, despite bitcoin’s struggle to break past the $24,000 mark. This would suggest a massive return of retail traders.

In contrast, both memecoins suffered in performance compared to other coins in the first half of 2022. Both indicated signs of recovery in July and are now doing very well in August.

Will Shiba Inu and Doge continue to do well, or is this one of those proverbial ‘calm before the storm’ situations?

Nobody knows, but time will tell.

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Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR  (do your own research)

Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

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