Main navigation

Dogecoin Price Exploded by 115% Last Week, Speculations Abound

Tue, 11/01/2022 - 03:33
article image
Wahid Pessarlay
Dogecoin’s price rose by 115% in the past week, defeating major cryptocurrencies
Dogecoin Price Exploded by 115% Last Week, Speculations Abound
Cover image via

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

Dogecoin (DOGE) has been increasing impressively in the past few days. According to data provided by CoinMarketCap, DOGE’s price has increased by around 115% in the past week.

Moreover, the popular memecoin is trading at $0.129 at the time of writing, up by 7% in the last 24 hours, per CMC data. Billionaire CEO Elon Musk’s favorite crypto asset outperformed the top cryptocurrencies — including Bitcoin (BTC) and Ethereum (ETH) which are up by 6.5% and 19% in the past week.

With this bullish run, DOGE flipped two of the so-called “Ethereum killers,” Solana (SOL) and Cardano (ADA), to become the 8th largest digital currency by market cap. Dogecoin’s market cap is roughly $17 billion at the time of writing, according to CMC data.

Community and billionaire support

With Musk’s Twitter acquisition, some of the top Dogecoin fans and investors believe that the popular memecoin might soon be used for payments on the micro-blogging platform. 

While the Dogecoin millionaire Glauber Contessoto and Matt Wallace who are big fans of Musk and the dog-themed coin, Algorand's chief technology officer John Woods believes otherwise.

According to a U.Today report, Woods said that it “would be a shame” if Dogecoin is used on Twitter while there are “projects like Cardano and Algorand.”

article image
About the author

Wahid is an experienced writer, interested in everything decentralized since 2019.

Before joining U.Today, he wrote for some of the top DeFi and CeFi outlets, bringing in millions of views and educating readers with his knowledge of the industry.