Although Bitcoin (BTC) and Ethereum (ETH) are drawing all the attention of crypto investors, meme coins are making silent moves. Dogecoin’s (DOGE) price has shot up 26% in the last 24-hours and is currently trading at $0.26 with a market cap of $34.8 billion as of press time.
The trading volume for Dogecoin over the last 24 hours has exceeded $7.9 billion and is only lower than that of Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). The spot trading on Binance alone accounted for 20% of the total volumes.
But this rally isn’t limited to Dogecoin. Crypto journalist Colin wu explains that other meme tokens have been doing well too. Wu further explains:
Other Meme Tokens, Shib rose by more than 17%, and Lowb rose by more than 11%. Bybt data shows that in the past 24 hours, the amount of Dogecoin contract liquidation amounted to $39.3781 million, which was the third largest liquidation amount.
As we can see in the below technical charts, Dogecoin has formed a big candlestick suggesting strong upward momentum.
#Dogecoin is rising🚀🐕🚀#DogecoinToTheMoon 🌕 pic.twitter.com/az7vuNm9ER
— DogeQueen🇩🇪 (@DogeQueen21) August 7, 2021
The Rise of the Meme Crypto
MEme cryptocurrencies have been in the spotlight for 2021. DOGE’s year-to-date returns currently stand at 65 times or we can say a massive 6400%. The meme cryptocurrency has received solid backing from popular businesses across several industries.
Tesla boss and billionaire Elon Musk has been a bigger fan of Dogecoin. His space rocket company SpaceX is already accepting Dogecoin payments for its ‘Doge-1 Mission to the Moon’.
Dogecoin has successfully made its way to becoming the top-ten cryptocurrency by market cap. At present, DOGE is the seventh biggest cryptocurrency. However, it is still trading at more than 60% discount from its all-time high of $0.70.
Other meme coins have also managed to catch up with the glory of Dogecoin. As of writing this story, Shiba Inu is also up 24% trading at a price of $0.000008199. SHIB’s year-to-date returns are more than 100 times. It seems that meme tokens too are catching up the rally in the overall crypto space.