Leading meme coin Dogecoin is approaching the $0.50 level, up 18% in the last 24 hours. This reinforces the optimism in the meme coin market. Dogecoin has only traded higher than its current price level on 16 days in its history. Furthermore, DOGE is just seven days away from a record monthly close. The highest monthly close ever was at $0.33. Dogecoin is currently trading at $0.46. Meanwhile, Bitcoin continues to show its strength at just under $100,000.
Leading Meme Coin Gains 200 Percent Monthly Value
DOGE gained 19 percent today, 22 percent this week, and 236 percent this month. Experts say that this monthly performance is truly extraordinary for Dogecoin, which already has a high market value. Dogecoin's value increased by $48 billion this month, which is greater than the total market value of all artificial intelligence (AI) cryptocurrencies. Dogecoin's market value is currently around $68 billion. Some analysts say that even the traditional financial world is starting to notice Dogecoin's rise. Barchart, a news account with more than 240,000 followers, shared a tweet noting that Dogecoin's rally has taken it to a market value greater than many reputable companies on the US stock exchange. In addition, senior Bloomberg ETF analyst Eric Balchunas recently announced the expected date for companies to apply for exchange-traded funds (ETFs) for Dogecoin. The possibility of new altcoin ETFs has increased this week after Securities and Exchange Commission (SEC) Chairman Gary Gensler announced that he would be leaving the agency in January. Given the high interest in meme coins and the strong performance of Dogecoin, experts predict that DOGE could debut on the exchange as soon as 2025.
As a result, Dogecoin is rising towards its historic peak. Meanwhile, Bitcoin is advancing in the price discovery phase and is very close to breaking the $100,000 mark. Meme coin analyst Ansem argues that Bitcoin breaking $100,000 will trigger the start of a “poetic” altcoin season. This is also reflected in the significant increases seen in the prices of large-cap altcoins such as XRP and ADA. For example, XRP and ADA have gained 59 percent and 51 percent respectively this week. However, according to current market data, it is observed that the altcoin season has not yet fully begun. Blockchain Center’s Altcoin Season Index is currently at 45 points out of 100, indicating that the altcoin season has not yet begun.