DOGE Bites Cardano, Meme Coin on Rampage
DOGE, the most well-known meme coin and the second-largest Proof of Work (PoW) network, contributed to an 11% gain in market valuation, worth $30.2 billion.
Dogecoin moved to the eighth place in the crypto market valuation ranking, pushing Cardano (ADA) down to the ninth amid high buying pressure on the meme coin.
The pioneer meme-born currency has defied logic, evidenced by its remarkable surge amid a lukewarm appetite for meme assets. The meme is susceptible to price changes in Bitcoin despite being propelled by media attention and speculative fervor.
The meme coin’s recovery from recent lows was boosted over the past two weeks by investors who increased their Dogecoin purchases. Their long-term belief in the coin is demonstrated by the fact that they purchased over 200 million DOGE tokens in the last two weeks.
These investors bought the dip when Dogecoin fell to an all-time low of $0.15 two weeks ago.
The top meme coin in the world has recovered by 10% for the day and overcome the resistance level of 20 cents. DOGE whales have amassed over 200 million DOGE in the last two weeks, demonstrating their strong confidence despite recent volatility.
Dogecoin is now trying to break through $0.22, and its journey to the $1 price target will mostly depend on how quickly the coin is adopted. Only a few major companies, like Tesla, SpaceX, and the Dallas Mavericks organization, accept it as a payment option. However, some cryptocurrency cards issued by exchanges, like the debit card from KuCoin, accept DOGE for in-store purchases.
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