Dogecoin (DOGE) has resumed its inch towards the moon, one rally at a time.
The popular memecoin climbed another 15.81% on Tuesday, adding to substantial gains made over the weekend. Trading for the coin has since cooled, but DOGE is still up over 9% on the day. In the last week, DOGE is up a whopping 22%, to $.084 at the time of writing, according to data from CoinMarketCap.
Since that price movement, some 2.37 million DOGE investors—58% of all DOGE holders—are now in profit, according to analysis from IntoTheBlock. Those profitable investors collectively own $8.13 billion worth of the dog-themed coin, which now boasts a market cap of over $11.6 billion.
That puts Dogecoin firmly ahead of Shiba Inu (SHIB) in terms of market cap; the two dog-themed meme coins have long-battled one another in that regard. SHIB’s market cap is currently hovering around $8.6 billion.
Some $1.7 billion worth of DOGE has swapped hands in the last 24 hours alone, amounting to a substantial 21.14% increase in 24-hour trading volume.
Today’s price marks a 10-week high for the coin, which last saw such highs in late May.
Though created in jest to poke fun at the crypto industry, Dogecoin is no longer a laughing matter. The crypto darling (ironically or not) of Tesla and SpaceX CEO Elon Musk, Dogecoin has as of late gained a reputation as a mainstay cryptocurrency, even outside of crypto circles.
Luxury brands like Gucci now accept DOGE as an in-store form of payment; you can even use it to buy burritos.
Last week, billionaire entrepreneur Mark Cuban doubled down on his rosy view of Dogecoin, stating his belief that its network has more potential applications than the arguably more prominent network Cardano.
When met with the rebuttal that Dogecoin offers no utility when it comes to building on top of the memecoin’s network, Cuban recently quipped that DOGE’s usefulness stems not from its application potential, but rather from its widespread and increasing adoption as a mainstream payment method. “I can buy things [with DOGE] pretty much anywhere that accepts crypto,” Cuban said.
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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