• Dogecoin (DOGE) has seen 8% profit over the past 7 days, making it one of the top performers in the crypto top 10.
• Recent Bitcoin rally has caused a surge in the price of Dogecoin and other meme coins.
• Data from analytics firms suggests increased levels of positive interaction across social media platforms, hinting at an increase in risk appetite from digital asset enthusiasts.
Dogecoin (DOGE) has been stealing some of Bitcoin’s shine as the benchmark crypto stalls at its current levels. However, the recent rally could spell trouble for optimistic traders and investors waiting for a continuation of the trend. As of this writing, Dogecoin (DOGE) trades at $0.08 with sideways movement in the last 24 hours. Despite this, over the previous seven days, the meme coin still records an impressive 8% profit, making it one of the top performers in the crypto top 10.
The Bitcoin rally deep into the $20,000 territory has flipped the crypto market’s sentiment, resulting in a surge in the price of Dogecoin and other meme coins. Data from Coingecko indicates positive development for meme coins, with the sector recording around $20 billion in total market cap, a 2% increase in 24 hours, and $1 billion in trading volume over the same period. Other altcoins such as Shiba Inu (SHIB), Baby Dogecoin, and Bonk have also captured the attention of crypto investors, with SHIB experiencing a 23% rally in the past week alone.
In addition to price movements, data from analytics firm Santiment has also registered increased levels of positive interaction across social media platforms. This suggests that users are more willing to take risks with these assets, hinting at an increase in risk appetite from digital asset enthusiasts.
Overall, the recent rally could spell trouble for optimistic traders and investors waiting for a continuation of the trend. However, with the sector recording strong gains in the last 24 hours, it will be interesting to see how the meme coins perform in the coming days.