• Dogecoin (DOGE) has experienced an 8% increase in the past seven days and is now trading at $0.08.
• Other meme coins such as Shiba Inu (SHIB), Baby Dogecoin and Bonk have also seen positive price movement.
• The Bitcoin rally has made crypto investors more willing to take risks, leading to increased social media interaction and a 2% increase in the sector’s total market cap.
The crypto market has been abuzz with activity recently as the benchmark crypto Bitcoin (BTC) rallies to new all-time highs. This has been accompanied by a surge in the prices of altcoins such as Dogecoin (DOGE) and other meme coins. Dogecoin, a cryptocurrency that began as a joke, is now a major player in the crypto space, and it has seen some impressive gains in the past seven days.
At the time of writing, Dogecoin is trading at $0.08, representing an 8% increase over the last seven days. This makes Dogecoin one of the best performing coins in the crypto top 10, surpassed only by Cardano (ADA) and Polygon (MATIC). Data from Coingecko indicates that the sector has been increasing in market cap, with a 2% increase in 24 hours and $1 billion in trading volume over the same period.
The rally of Dogecoin and other meme coins is being attributed to the increase in risk appetite from digital asset enthusiasts, which has been spurred on by the Bitcoin rally deep into the $20,000 territory. Other meme coins such as Shiba Inu (SHIB), Baby Dogecoin, and Bonk have also seen positive price movements, with SHIB recording a 23% rally in the past week alone.
Analytics firm Santiment has also reported increased levels of positive interaction across social media platforms, suggesting that users are more willing to take risks when it comes to investing in crypto. This further cements the role of meme coins in the crypto market, as these assets have become increasingly attractive to crypto investors.
All in all, the crypto market is in a state of flux as Bitcoin and other altcoins experience significant price movements. Dogecoin and other meme coins are also playing their part, and the recent rally could spell trouble for optimistic traders and investors waiting for a continuation of the trend.