Dogecoin and memecoins

With trade volume up over 400%, Dogecoin is currently trading at $0.56 level. When DOGE crossed 50 cents, the increase in market capitalization helped DOGE flip XRP.

Why is DOGE different? In case institutions and retail traders aren’t taking memecoins seriously, DOGE has led a new rally, a memecoin rally. A new cultural phenomenon that is viral, influential, and community-based, and with DOGE’s market capitalization it has become real.

With a price rally of 30% in 24 hours, and crossing the psychologically significant 50-cent barrier, DOGE is now the 4th crypto-asset by market cap. Investing 1000$ in DOGE on January 1 of 2021 would be worth $115,576 today based on data from intotheblock. DOGE’s rally was primarily fueled by Musk’s tweets, however, that is not the case now. Leading a rally of meme coins, DOGE may not be as Galaxy Digital’s report describes it. Though the concentration of large Dogecoin HODLers is high, the number of active Dogecoin addresses has increased, 30-day moving average based on data from the report. This signals that the sentiment for Dogecoin is bullish among traders.

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