The gains made during the previous week are being reduced in the larger digital currency ecosystem as investors start to realise profits on their increased holdings. Despite the fact that the market value of all digital currencies is down by 2.25% to $1.22 trillion, Dogecoin (DOGE) has shown remarkable resistance to the bearish decline and has increased by 6.17% over the previous day to $0.07425.
Dogecoin joined the XRP-fueled surge early this week and has now climbed as high as 13.52%. With its main competitors Shiba Inu (SHIB) and PEPE Coin (PEPE) following behind, its rise has contributed to the meme coin rally’s resurgence. In the last day, SHIB has increased by 5.29% to $0.000008371, while PEPE has decreased by 3.71% to $0.000001695.
The consistent retail buy-ups across the board indicate that the feelings fueling the upward upswing in the Dogecoin environment are remarkably inherent. Popular on-chain expert @ali_charts claims that DOGE is attempting to break through the $0.075 price barrier. If it succeeds, more than 176,000 addresses that have previously bought more than 12.3 billion DOGE coins would be activated.
The rise in trade volume, which is up by more than 14% overnight according to statistics from CoinMarketCap, serves as a visual representation of the current positive trend.
Riding general market train
It is noteworthy that Elon Musk, the CEO of Tesla and the owner of Twitter, who is regarded as the joke coin’s top advocate, has had little impact on the current Dogecoin rise. The overall market trend is being followed by Dogecoin’s rise, which is more likely to support a continuous upswing in the near future.
The widespread consensus about the clear standing of most cryptocurrencies, notably XRP, which Judge Analisa Torres recently declared to be a non-security, further reinforces the rally’s power.
