Dogecoin (DOGE) has been on a roll recently, outpacing every other cryptocurrency on the top 10 list by market capitalization in terms of daily gains. In the last 24 hours, DOGE’s price increased by over 5%, while other cryptos struggled. At press time, DOGE was trading at $0.09028 with a market cap of more than $11.9 billion.
This impressive performance by DOGE has caused its Fear and Greed index to shift to the greed side, which can initiate selling pressure. CryptoQuant’s data reveals that the token’s Relative Strength Index is currently in an overbought position, which further increases the chances of a price dip in the coming days.
But what is driving Dogecoin’s recent surge in value? One factor could be the increasing mainstream acceptance of the meme-inspired crypto. DOGE has seen a growing number of high-profile endorsements from celebrities and influencers, including Elon Musk, Snoop Dogg, and Mark Cuban. These endorsements have helped to raise awareness of the cryptocurrency and attract new investors.
Another factor that could be driving Dogecoin’s growth is the increasing interest in decentralized finance (DeFi) and non-fungible tokens (NFTs). DOGE is being used as a medium of exchange in various DeFi platforms and is also being used as collateral for loans. Additionally, the recent explosion in NFTs has also led to an increase in demand for DOGE, as it is often used as a form of payment for NFT purchases.
Despite the recent gains, it is important to remember that the crypto market is highly volatile and that prices can change rapidly. Investors should always conduct their own research and invest only what they can afford to lose. It’s also important to remember that DOGE was first created as a joke, and its value is not backed by any tangible assets or intrinsic value.
In conclusion, Dogecoin has been outperforming other top cryptocurrencies in terms of daily gains. Its recent surge in value can be attributed to increasing mainstream acceptance and the growing interest in DeFi and NFTs. However, it’s important to remember that the crypto market is highly volatile, and investors should always conduct their own research and invest only what they can afford to lose.