The market’s favorite meme currency is showing signs of revival. In a remarkable turn of events, Dogecoin profits surpassed gains made by Bitcoin (BTC) and Ethereum (ETH) last week. As the wider cryptocurrency market pushed towards $2 trillion, DOGE climbed up by 41%.
Dogecoin was priced less than a dime at the beginning of this year. However, towards the end of January, it appreciated by nearly 216% after receiving Elon Musk’s endorsement. That trend continued till it soared to its all-time high of $0.73 in May, following which it lost 78% of its value.
Ever since its massive crash, DOGE has struggled to challenge the $0.30 mark and has mostly trended in the low $0.25-$0.20 range. But the recent bull market seems to be changing that
On Wednesday, Dogecoin surged by around 12% and hit $0.28. Its cumulative gains over the last week outperformed both Bitcoin and Ethereum, which rose by 21% and 29% in the same timeframe.
Nevertheless, the famous meme coin is still a long way from its all-time peak: an estimated 64% lower as of press time. Also, it has already shaved off some of its gains, although marginally so at $0.26.
DOGE has consistently shown higher fluctuations than its rivals. The currency was one of the biggest gainers amidst the recent market surge. But back in May, it registered the hardest fall, when the entire crypto market witnessed a significant downturn.
The price of Shiba Inu has shown a correlation with DOGE trends on many occasions. Following its big brother’s 41% price surge, SHIB increased by a little less than 30%. At the time of writing, it was up 3.2% and changing hands at $0.0000078.
Meanwhile, Cardano (ADA) emerged as of Wednesday’s biggest gainers, with a rally of over 21% to $1.86. The currency is expected to rise further as more details about the upcoming smart contract feature become available. According to a twelve-part tweet thread shared last Friday, Alonzo Purple testnet -- the final stage in the color-coded roadmap to smart contracts -- has already started onboarding new users. At the current pace, full support for smart contracts could be launched in August-end or early September.