Loading Ratings...
Dogecoin (DOGE) has experienced a substantial price surge, rising 85% over recent days and flipping both XRP and stablecoin USDC.
Author: Sahil Thakur
Written On: Mon, 11 Nov 2024 06:52:21 GMT
Dogecoin (DOGE) has experienced a substantial price surge, rising 30% over recent days and flipping both XRP and stablecoin USDC to become the sixth-largest cryptocurrency. This jump is largely attributed to renewed endorsements from Elon Musk, which have fueled DOGE’s 88% gain over the past month.
Src: Bloomberg
The weekend’s price action was also driven by general optimism following crypto-friendly candidate Donald Trump’s election win and a fresh round of Federal Reserve rate cuts. Bitcoin ETFs in the U.S. saw record inflows, with over $1.3 billion in net additions on Thursday, led by BlackRock’s IBIT.
DOGE reached $0.3011 on November 10, marking a 100.91% rise over the past seven days. This rally has placed both DOGE and Tesla (TSLA), another Musk-linked asset, at three-year highs. Tesla’s market cap has similarly jumped by 30%, crossing the $1 trillion threshold as traders make long speculative bets on Musk-affiliated assets.
Meanwhile, other top tokens such as Ether (ETH), BNB, and XRP showed smaller gains, each adding under 4%. The Cardano (ADA) token saw some profit-taking after its 35% rise over the weekend. The CoinDesk 20 index, which tracks the largest cryptocurrencies by market cap, rose by 4.5% in the past 24 hours, underscoring a broad crypto market rally.
Beyond majors, dog-themed memecoins, along with Solana-based tokens and new projects from TokenFi launchpads, saw a 30% average increase according to CoinGecko data. This growth, paired with anticipated changes under Trump’s administration, has many traders watching the $100,000 mark for Bitcoin, buoyed by hopes that the incoming administration could prioritize a strategic bitcoin reserve.
Real voices. Real reactions.
Add your reaction to this story:
Our Crypto Talk is committed to unbiased, transparent, and true reporting to the best of our knowledge. This news article aims to provide accurate information in a timely manner. However, we advise the readers to verify facts independently and consult a professional before making any decisions based on the content since our sources could be wrong too. Check our Terms and conditions for more info.
Robinhood Launches Micro Crypto Futures for Bitcoin, Solana, and XRP
REX Shares Set to Launch First-Ever Solana Staking ETF Following SEC Green Light
Coinbase Named to TIME’s 100 Most Influential Companies List
Crypto Autos Launches Updated All-in-One Supercar Marketplace
Robinhood Launches Micro Crypto Futures for Bitcoin, Solana, and XRP
REX Shares Set to Launch First-Ever Solana Staking ETF Following SEC Green Light
Coinbase Named to TIME’s 100 Most Influential Companies List
Crypto Autos Launches Updated All-in-One Supercar Marketplace
