DOGE Price Is Up 7%, Holders Venture Into New Dog-Themed ICO, Looking For 1,121% returns
Original meme coin Dogecoin ($DOGE) has risen 7% in the last 24 hours to become one of the fastest recovering cryptocurrencies following a brief market crash this week.
DOGE currently trades for $0.1317. That’s about 12% down from where it was this time last week, making the world’s first Shiba Inu meme-inspired cryptocurrency one of the biggest sponges for losses in the last seven days.
Bitcoin ($BTC) fared a bit better this week. The original cryptocurrency only shed 7% in value and currently changes hands at $59,044. However, it crashed from a Tuesday high of $64,515 to a Wednesday bottom of $56,804, an intraday drop of about 12%.
Ethereum retained value better this week than both Bitcoin and Dogecoin. The ETH token underpinning the most commercially important blockchain only shed 4.4% over the week and currently trades for $2,992. Both Bitcoin and Ethereum have risen a little over 3% in the last 24 hours.
The only meme coin that came matched Dogecoin’s losses this week was Floki ($FLOKI). Floki is a meme coin inspired by Dogecoin fan and Tesla CEO Elon Musk’s pet Shiba Inu, Floki. Like DOGE, FLOKI also shed 12% and currently trades for $0.0001645.
Dogecoin’s trading chart shows a cryptocurrency that at times, trades at odds with the wider market. Where most projects peaked along with Bitcoin in early-to-mid March, Dogecoin holders posted more muted gains until after Bitcoin had peaked on March 14.
In late March, DOGE rallied to over 22 cents, twice. There also appears to be some buying momentum right now. Dogecoin has a relative strength index (RSI) of 61 and climbing, but it’s almost reached the overbought threshold so this brief rally is likely to lose steam soon.
Dogecoin’s rally came at the same time as the launch
