The price of Dogecoin (DOGE) has increased 7.8% in only one day, making it the second-best performing asset among the top 10 cryptocurrencies.
By press time, the unstable meme coin has dropped to $0.0778 from a 3-week high of $0.0787, according to CoinGecko. Additionally, DOGE has gained more than 10% over the past seven days, wiping all its losses throughout the last week of December.
Dogecoin is presently the ninth-largest cryptocurrency by market capitalization in the market, trailing Cardano (ADA), which has increased by 11.4% during the same period, in terms of daily gains.
The most recent price movement also occurs when optimism is surging throughout the whole cryptocurrency market, with the price of Bitcoin (BTC) returning to levels above $17,000 on Sunday for the first time since mid-December.
Solana (SOL), which has had a significant price increase of about 20% during the day and as much as 64% in a week, is one of the day’s other notable top gainers.
Over the past 24 hours, Litecoin (LTC) has increased in value by 7.6%, followed by Uniswap (UNI) and Binance Coin (BNB), whose prices have increased by 7.3% and 6.3%, respectively.
The second-largest cryptocurrency in the world by market capitalization, Ethereum (ETH), is up 4.6% for the day and is currently trading above $1,323 for the first time in four weeks. The Consumer Price Index (CPI) data, which will be released on Thursday at 8:30 a.m. ET, is another item that investors are keenly awaiting.
Prior to the Federal Open Market Committee (FOMC) meeting that closes on February 1, the CPI data, which provides specifics on the inflation picture for the month of December, is regarded as the most significant economic report. The magnitude of the Federal Reserve’s ensuing interest rate rise will be influenced by this report.
Markets anticipate the Fed will raise rates by 0.25 percentage points to 4.5%–4.75% in response to an anticipated increase in inflation of 0.3% in December, however there is a potential for a higher 0.5 percentage point increase.
According to a tweet from @WhaleStatsBSC, Dogecoin is once again among the top 10 most often purchased cryptocurrencies among the 500 largest wallets on the Binance Smart Chain (BSC, also well known as BNB Chain). In addition to other well-known altcoins like XRP, FIL, and LUNA wrapped in BNB Chain, Dogecoin is now included on that list. According to WhaleStats, XRP is now the cryptocurrency that the largest BSC whales trade the most, while ETH is the cryptocurrency that is held the most.
Following Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash as the fourth most popular digital asset among BitPay customers, Dogecoin is a well-known cryptocurrency payment processor (BCH).