Dogecoin Soars, Other Meme Coins Fly

Dogecoin, an internet meme-inspired crypto asset. (Photo; Doc. Bitcoinist)

JAKARTA - Dogecoin (DOGE), the cryptocurrency inspired by the Shiba Inu dog meme, is again showing impressive performance. The price of Dogecoin has risen more than 11% in the last 24 hours, leading another memecoin.

The price of Dogecoin is currently in the range of $0.08818 (Rp1,379,41), up 11.13% in the last 24 hours. This increase, although mild, far exceeds Bitcoin (BTC) and Ethereum (ETH) which only rose by 0.64% and 1.23%, respectively.

On-chain data show that Dogecoin is rising from its lowest point in 24 hours by $0.07899 (Rp1,235.77) to the level at which it is trading now. This rise was triggered in part by a surge in trading volume. DOGE trading volume rose by 289.72%, reaching $1.3 billion (Rp20.3 trillion).

Dogecoin has been the underdog for some time, especially in the memecoin world, which is a cryptocurrency inspired by viral memes on the internet. Alternative tokens, especially from Solana's ecosystem, such as Samoyedcoin (SAMO) and Grape (GRAPE), have caught the eye. While the price of Dogecoin only grew by 14.71% in the last six months, SAMO jumped by 3,437% in the same period.

According to Coinppe, the positive price of meme coins, especially at the price of Dogecoin, supports the activities of crypto whales or whales in today's network. Whales are investors who have a large amount of DOGE. DOGE's whale volume, according to data from IntoTheBlock, jumped 21.25% to $1.21 billion (Rp18.9 trillion). This revival put Dogecoin on the crypto market stage as Bitcoin's major transactions fell by 44.27% to $20 billion (Rp312.6 trillion) and Ethereum slumped by 42.83% to $2.4 billion (Rp37.5 trillion).

Dogecoin's price recovery has helped it clear most of its losses in the last seven days. This brings weekly growth to a positive of 6.6%, from more than 10% losses. This sentiment may trigger a widespread memecoin revolution.

Other Memecoins Also Rise

Dogecoin's price recovery has increased bullish sentiment in the world of memecoins, where many competing tokens are now out of long losses from the previous week.

Shiba Inu (SHIB), a cryptocurrency also inspired by the Shiba Inu dog meme, has jumped 1.81% to $0.000009529 (Rp0.149). SHIB is developing the Shibarium, a blockchain itself that will allow for faster and cheaper transactions. If this rhythm is maintained, SHIB may be heading to remove one zero from its price to $0.00001 (Rp0.156).

Meanwhile, BONK, a meme coin developed on the Solana network, is currently up by 2.91% to $0.00001186 (Rp0,185). BONK is a token distributed over Bonk's NFT (non-fungible token) platform, which allows users to create and trade unique digital artwork.

PEPE, a cryptocurrency inspired by Pepe's frog meme, has grown by 3.31% to $0.00001152 (Rp0.018). PEPE is a token distributed over the PepeCash NFT platform, which also allows users to create and trade unique digital artwork.