Dogecoin continues its weekend rally, up 22% in the past week

Dogecoin (DOGE) resumed its thumb to the moon, one rally at a time.

The popular memecoin soared another 15.81% on Tuesday, adding to substantial gains made over the weekend. Trading in the coin has since cooled, but DOGE is still up over 9% on the day. Over the past week, DOGE is up 22%, at $0.084 at the time of writing, according to data from CoinMarketCap.

Since that price move, some 2.37 million DOGE investors – 58% of all DOGE holders – are now in profit, according to analysis by IntoTheBlock. These profitable investors collectively own $8.13 billion worth of the dog-themed coin, which now boasts a market cap of over $11.6 billion.

This puts Dogecoin firmly ahead of Shiba Inu (SHIB) in terms of market cap; the two piece dog themed meme fought for a long time in this regard. SHIB’s market capitalization currently hovers around $8.6 billion.

Some $1.7 billion worth of DOGE changed hands in the past 24 hours alone, representing a substantial 21.14% increase in 24-hour trading volume.

Today’s price marks a 10-week high for the coin, which last hit such highs in late May.

However jokingly created to poke fun at the crypto industry, Dogecoin is no longer a laughing matter. Crypto darling (Ironically Where not) from Tesla and SpaceX CEO Elon Musk, Dogecoin has recently gained a reputation as a staple cryptocurrency, even outside of crypto circles.

Luxury brands like Gucci now accept DOGE as a method of payment in-store; you can even use it buy burritos.

Last week, billionaire entrepreneur Mark Cuban doubled down on his positive view of Dogecoin, affirm one’s belief that his network has more potential applications than the arguably larger Cardano network.

When confronted with the rebuttal that Dogecoin offers no utility when it comes to relying on the memecoin network, Cuban recently joked that DOGE’s utility does not stem from its application potential, but rather its widespread and growing adoption as a mainstream payment method. “I can buy things [with DOGE] pretty much anywhere crypto is accepted,” Cuban said.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.

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