Close
After the general resurgence of memecoins, Dogecoin overtook Toncoin. Dogecoin consolidated its position in the top currencies.
DOGE strengthened its position as a top 10 cryptocurrency, according to Cryptocurrency. Dogecoin (DOGE) rose 8% to $0.16. For a short period of time, Doge reached a market capitalization of $24 billion, making it the ninth largest cryptocurrency.
Key DOGE metrics, such as daily transaction volume and active addresses, have increased. Whales are 63% of the supply and 86% of the owners are in profit.
The past few hours have been more than eventful for the digital asset industry. So that the value of the global crypto market has increased to 2.75 trillion dollars (according to CoinGecko data). Many leading cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), Avalanche (AVAX) and many others, have rallied amid hopes that the US SEC will approve Ethereum ETFs earlier this week. , reached the highest level in several months. The meme coin sector also experienced significant growth, with DOGE, SHIB, PEPE, BONK, and others doing well.
The largest asset of this type – DOGE – experienced an 8% daily gain. With this increase, Dodge rejected $0.16. Its market capitalization briefly rose to $24 billion and then reached its current level of $23.6 billion.
After the latest resurgence, DOGE outperformed Toncoin (TON). It is now the ninth largest digital currency. Ripple’s XRP is ranked eighth with a market cap of $29.8 billion.
Important indicators related to the Dogecoin ecosystem have also moved towards growth. Total daily volume, where each transaction is over $100,000, exceeded $1.5 billion, according to InToBlock. This shows a 31% increase compared to the previous day. The number of daily active addresses also increased, albeit in a smaller way.
Whales currently own about 63% of DOGE’s circulating supply, while 86% of all asset holders are on paper interest. The situation was less optimistic in September of last year, when the entire Mimcoin sector was in a bearish state and more than 50% of Dogecoin investors were at a loss.
There are many analysts who believe that the DOGE rally has not yet reached significant proportions. Earlier this month, X user Rekt Capital argued that the token had “turned multi-year resistance into new support” and led to a “new macro uptrend”.
A “macro uptrend” in the cryptocurrency market is characterized by a sustained increase in the value of digital assets over a long period, usually spanning months or years. It often coincides with favorable market sentiment, renewed investor confidence, and increased adoption levels.
