According to statistics from CoinMarketCap, Dogecoin (DOGE) is edging out of its bearish loss with a slight increase of roughly 1.33%, with its price set at $0.06633. A notable improvement that may indicate Dogecoin is on pace to drive the bull run for the larger cryptocurrency market is the price increase.
Even though the market has been facing a huge meltdown that has put pressure on the top coins, Dogecoin has been conspicuously flying under the radar for the past several days. At the current price, Dogecoin has increased by 4.45% over the past week, generally demonstrating a more clear potential for growth.
With almost $255 million moved on secondary markets in the previous day, the trading volume is only starting to gain traction and has sparked the rise in the underlying price. The charm or allure of Dogecoin comes from a variety of elements that have made it well-positioned to support the subsequent cryptocurrency surge.
DOGE’s attempts to retest its monthly high, which is now set at $0.077, can further benefit from a positive narrative provided by Elon Musk, the owner of the X app.
Maintaining needed resilience
Comparing Dogecoin to altcoins like Solana (SOL), Cardano (ADA), and XRP, which at the time of writing are facing a bearish grip across the board, shows that it is notably displaying a wide resilience that has positioned it as a better-performing alternative coin.
Dogecoin’s resiliency is also demonstrated by the fact that it has maintained its position as the seventh-largest digital currency, surpassing coins like Cardano, Solana, and Tron in terms of underlying market capitalization, even in the absence of significant ecosystem news to support the community and boost demand.
Dogecoin has maintained its value as a payment token and meme coin, a usefulness that it plans to expand on in the upcoming weeks.
