Top cryptocurrency news: DOGE surges 30 percent in a month, adding $3
Dogecoin (DOGE), the original meme currency,
has made significant gains over the past month as the value of the broader cryptocurrency market has increased in value.
According to CoinGabbar statistics, Dogecoin has increased from $0.064 on July 17 to $0.086 on August 16, representing a 34.36% increase. At the time of writing, DOGE increased 14.72% in the last 24 hours and 20.42% in the previous week.
In the last month, the tenth-ranked cryptocurrency by market value has increased its total worth by slightly over $3 billion, increasing from $8.44 billion to $11.49 billion.
Dogecoin for payments
On August 11, Mark Cuban, a billionaire investor, recently engaged in dialogue with holders of Cardano (ADA), and stated that Dogecoin is a more practical solution for making payments than ADA.
Cuban told his 8.8 million Twitter followers that while Cardano may be able to run more apps on its blockchain, Dogecoin is now more useful.
“I didn't say there were more doge-compatible applications. I mentioned that there were more for Doge. I can buy stuff almost everywhere that takes cryptocurrency. It is a more useful currency than ADA.”
Meme coins see the return of retail traders
Interestingly, Dogecoin's sudden rise coincides with Shiba Inu (SHIB), another dog token that has seen increased capital inflow and is gaining traction in the cryptocurrency community.
On August 15, the decentralized finance (DeFi) dog token emerged as the most-trending crypto, as CoinGabbar reported that $1.5 billion entered SHIB's market value in 24 hours just a day earlier.
“Dogecoin and Shiba Inu both broke out over the weekend, indicating that the retail investor is returning,” according to Hayden Hughes, CEO of social trading platform Alpha Impact.
Notably, both cryptocurrencies had a lackluster first half of 2022 but then showed signs of a recovery in July, with the gains coinciding with those of the larger market, which has been trading in the green zone in recent weeks, headed by large-cap assets like as Bitcoin (BTC) and Ethereum (ETH).
Read also: Cryptocurrency price update: DOGECOIN PRICE ANALYSIS : DOGE retests $0.089; is it ready to continue rising still?
