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HomeNewsDOGE Price Soars 7.5% as Dogecoin Regains Top 10 Position

DOGE Price Soars 7.5% as Dogecoin Regains Top 10 Position

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  • Dogecoin rallies, surpassing Chainlink in market capitalization, driven by a 7.5% increase in value in one week.
  • Despite its functional simplicity, Dogecoin remains influential, needing innovations to maintain its position against new memecoin.

Dogecoin (DOGE) has made a remarkable recovery from its prolonged decline over the past week, making a remarkable move to move back into the top ten cryptocurrencies with the largest market capitalization.

At the beginning of this month, Dogecoin dropped to eleventh place, overtaken by Chainlink (LINK), due to a decline in its price that contrasted with the market trend at the time.

Dogecoin’s rebound occurs in a context of 5.44% growth in the last 24 hours, reaching a priceof $0.08574.

 

Coin’s market capitalization is now $12,267,705,906, surpassing Chainlink’s $11,735,482,124.

The-coin's-market-capitalization-is-now-pegged-at-$12,267,705,906
DOGE MarketCAp via CoinmarketCap

The cryptocurrency industry is a changing one, with trends shifting regularly. Although we are in a period where most altcoins are showing an uptrend, there are exceptions in the market that visibly alter the state of affairs.

Dogecoin has shown uneven development recently; however, the current momentum has propelled its growth in the last week by 7.5%, supported by a sustained increase in adoption, evidenced by an increase in its trading volume of over 100% to $795,277,043.

DOGE_7D_graph_coinmarketcap (1)
Bullish sentiment drove a 12.67% rise in open interest to $569.11M, with discussions of hitting $0.1 fueled by a 90% increase in trading volume to $783M. DOGE Price via CoinmarketCap

Exploring the Profitability of Dogecoin

As a cryptocurrency, Dogecoin faces many unmet expectations. While it serves the basic function of any digital currency by facilitating the transfer of value, its practical applications are limited.

Unlike other newer memecoins on the market, Dogecoin does not offer advanced functionalities such as smart contract management or native staking, nor is it a deflationary currency, not applying any token reduction strategy.

Faced with more attractive alternatives for memecoin enthusiasts, Dogecoin may have to update its value proposition to maintain its position in the market, beyond the influence of public figures such as Elon Musk on social networks .

Despite this, Dogecoin remains one of the most followed altcoins and sets a benchmark for new generations of meme coins.

During this writing the price of DOGE traded at $0.08487

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628
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