Main navigation

Dogecoin (DOGE) Leads Meme Coin Rally, Here's Why

Sat, 07/15/2023 - 11:32
article image
Godfrey Benjamin
Dogecoin seeing bullish rally as broader meme coin ecosystem shows mixed growth patterns
Dogecoin (DOGE) Leads Meme Coin Rally, Here's Why
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

The broader digital currency ecosystem is paring off the gains accrued over the past week as investors begin to take profit on their elevated portfolio. While the combined digital currency market cap is down by 2.25% to $1.22 trillion, Dogecoin (DOGE) poses major resilience to the bearish downtrend and is up by 6.17% over the past 24 hours to $0.07425.

Dogecoin (DOGE) Enters Bull Run, Co-Founder Reacts

Dogecoin joined the XRP-infused uptrend earlier in the week and has soared as high as 13.52% within that time frame. Its growth has helped reignite the meme coin rally with its core rivals Shiba Inu (SHIB) and PEPE Coin (PEPE) trailing behind. While SHIB is up by 5.29% over the past 24 hours to $0.000008371, PEPE is down by 3.71% to $0.000001695 within the same time frame.

The sentiments driving the positive rally in the Dogecoin ecosystem are notably innate seeing the consistency in retail buy-ups across the board. According to the popular on-chain analyst @ali_charts, DOGE is trying to break the $0.075 price level. If it manages to pull through, it can trigger more than 176,000 addresses that had previously acquired more than 12.3 billion DOGE tokens.

The ongoing bullish run is showcased in the surge in trading volume, which is up by more than 14% overnight per data from CoinMarketCap.

Riding general market train

It is worthy of note that the current Dogecoin rally comes without interference from the influence of Elon Musk, the Tesla CEO and the owner of Twitter, known as the biggest promoter of the meme coin. The growth of Dogecoin is following the general market trend, which is more reliable to help its sustained upsurge in the near term.

Dogecoin Up 5.76% as Elon Musk Issues New "Dogs" Tweet

The strength of the rally is further solidified in the general sentiment surrounding clear standing for most altcoins, particularly XRP, which has just been cleared by Judge Analisa Torres as a non-security.

article image
About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.