Dogecoin (DOGE) gains 26% Amid the Rally In Memecoins – Although Bitcoin (BTC) and Ethereum (ETH) are drawing all the attention of crypto investors, meme coins are making silent moves. Dogecoin’s (DOGE) price has shot up 26% in the last 24-hours and is currently trading at $0.26 with a market cap of $34.8 billion as of press time.
The trading volume for Dogecoin over the last 24 hours has exceeded $7.9 billion and is only lower than that of Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). The spot trading on Binance alone accounted for 20% of the total volumes.
But this rally isn’t limited to Dogecoin. Crypto journalist Colin wu explains that other meme tokens have been doing well too. Wu further explains:
Other Meme Tokens, Shib rose by more than 17%, and Lowb rose by more than 11%. Bybt data shows that in the past 24 hours, the amount of Dogecoin contract liquidation amounted to $39.3781 million, which was the third largest liquidation amount.
As we can see in the below technical charts, Dogecoin has formed a big candlestick suggesting strong upward momentum.
— CryptoQueen🇩🇪 (@DogeQueen21) August 7, 2021
The Rise of the Meme Crypto
MEme cryptocurrencies have been in the spotlight for 2021. DOGE’s year-to-date returns currently stand at 65 times or we can say a massive 6400%. The meme cryptocurrency has received solid backing from popular businesses across several industries.
Tesla boss and billionaire Elon Musk has been a bigger fan of Dogecoin. His space rocket company SpaceX is already accepting Dogecoin payments for its ‘Doge-1 Mission to the Moon’.
Dogecoin has successfully made its way to becoming the top-ten cryptocurrency by market cap. At present, DOGE is the seventh biggest cryptocurrency. However, it is still trading at more than 60% discount from its all-time high of $0.70.
Other meme coins have also managed to catch up with the glory of Dogecoin. As of writing this story, Shiba Inu is also up 24% trading at a price of $0.000008199. SHIB’s year-to-date returns are more than 100 times. It seems that meme tokens too are catching up the rally in the overall crypto space.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.