Dogecoin Surges 10% in 24 Hours: Overtakes Cardano in Market Cap Value”
Dogecoin, the leading meme coin, has witnessed a remarkable surge in its price by 10% over the past 24 hours. After surpassing Cardano in market capitalization value, the meme currency has now made significant strides against its Ethereum competitor, securing the ninth position on CoinMarketCap.
According to data provided by Santiment, dormant whales returning DOGE to trading are behind the significant price movement. Notably, $5.5 million worth of Dogecoin shorts were liquidated in the past 24 hours alone.
Data from IntotheBlock reveals that 88% of Dogecoin holders are in profit at the current prices. Whale investors have managed to acquire $280 million worth of DOGE in just two weeks, following the notable price surge observed over the previous weekend.
It was imperative for Dogecoin to surpass the $0.20 level before the monthly close. The meme coin achieved this feat, recording a monthly close above $0.22. Now, according to some forecasts, the successful Bitcoin mimic may be poised for further upside. However, future price performance will, of course, depend on broader market conditions.
Other Meme Coins
Read more Dogecoin Faces Major Test as Analysts Eye $0.20 Support Level”
While Dogecoin remains one of the top-performing cryptocurrencies over the past week among meme coins, its performance pales in comparison to Doguevate (WIF), based on Solana. WIF reached a new all-time high last week amid increased speculation. The WIF index remains up by approximately 60% in just seven days despite relinquishing some gains.
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