As a researcher who’s been following the cryptocurrency market for quite some time now, I must say this week has been nothing short of exhilarating! The sheer momentum of Dogecoin (DOGE) has left me utterly astounded. I remember when DOGE was barely tickling $0.01 back in my early days as a crypto enthusiast, and here we are now with it trading at over $0.42!
This past week has been nothing less than remarkable for the cryptocurrency sector, primarily driven by its top performer that’s consistently hitting record highs, the most recent one just a few hours ago.
The overall value of the cryptocurrency market reached a peak above $3.1 trillion on its own, but the astounding increase in prices is primarily being driven by a different asset – currently, the top meme coin in terms of market capitalization.
It’s important to highlight once more the remarkable surge of Dogecoin over the past week, which has been nothing short of spectacular. On Tuesday, when the US election was held, Dogecoin was trading at $0.166, but it began to skyrocket in the hours that followed Trump’s decisive victory.
Thanks to Elon Musk’s collaboration with the newly elected president and his role as head of the proposed Department of Streamlined Governance (DoSG), this meme coin skyrocketed to $0.2 within just a few days.
Starting from this past weekend, it continued to increase significantly, eventually reaching a peak of $0.42 earlier today – marking a new high since the 2021 bull market.
Additionally, it’s worth noting that Dogecoin has recently climbed up the ranks to be the sixth largest cryptocurrency by market capitalization. It has managed to overtake both Ripple (XRP) and USD Coin (USDC) within the last few days.
Simultaneously, Bitcoin is experiencing its own surge, climbing from approximately $68,000 on election day to nearly $89,000 today, reaching a new high. However, despite this significant increase of over $20,000 in just a week, Bitcoin has been eclipsed by Dogecoin in recent attention.
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2024-11-12 09:46