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Dogecoin rises 6% as meme coin market shifts

Dogecoin rises 6% as meme coin market shifts

GrafaGrafa2024/11/05 14:00
By:Mahathir Bayena

This past week, Dogecoin (CRYPTO:DOGE) saw gains of nearly 6%, outperforming major cryptocurrencies such as Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH), which recorded smaller weekly increases of 2.22% and 0.34%, respectively.

DOGE’s rise comes amid renewed interest in meme coins, driven by an increase in social media engagement and discussions.

DOGE’s performance was notable as it peaked at nearly 25% on October 30 before settling at a lower level by week’s end.

Trading volume increased at the beginning of the week, pointing to buying interest that later subsided as trading activity moderated.

This pattern suggests speculative activity early on, with social media engagement likely influencing the price movements.

A comparison of weekly trends highlights Dogecoin’s gains against a mostly stable performance from Bitcoin and Ethereum.

Dogecoin’s recent growth reflects broader attention toward meme coins and community-focused tokens, though it stands out within the sector.

The social volume for Dogecoin also rose significantly, with mentions and discussions peaking around October 31, aligning with DOGE’s price movement.

This period of heightened attention could be linked to comments by Elon Musk, who recently suggested that X (formerly Twitter) might play a role in the financial sector.

Dogecoin, often associated with Musk’s influence, may have responded to these remarks.

In contrast, other meme coins like Shiba Inu (CRYPTO:SHIB) and Pepe (CRYPTO:PEPE) saw weekly declines of 1.25% and 9.42%, respectively, with FLOKI (CRYPTO:FLOKI) dropping around 8.98%.

At the time of reporting, the Dogecoin (DOGE) price was $0.1622.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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