Dogecoin (DOGE), the most popular meme currency in the world, has seen a twenty percent increase in value over the last week.
DOGE is the only cryptocurrency that has achieved double-digit percentage increases over the previous seven days, and it is the only one that is ranked among the top 10 cryptocurrencies by market capitalization.
Since the beginning of February, the currencies with the highest market capitalization have all been seeing a significant upswing.
The most significant themes that have been pushing prices in recent times are the approval of eleven spot Bitcoin exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC), the growing likelihood of Ethereum ETFs being introduced in the near future, and the overall buzz around an approaching halving of the fresh supply of Bitcoin in April.
When compared to the meme coins, the situation is rather different, despite the fact that DOGE is one of the most significant climbers among the top 10 cryptocurrencies. DOGE saw the least amount of growth during the last week, while its closest competitors, SHIB and PEPE, both had substantial three-digit increases, with each of them achieving a gain of more than 130%.
When we look at the trade chart for DOGE, we can see how much the most popular meme currency has increased in value since the month of February came to a conclusion. A large retreat occurred around the close of the first week of March, and with a Relative Strength Index of 48, there is plenty of potential for either gains or losses. Additionally, there has been a substantial pullback overall.
It is very improbable that DOGE will reach $1 in the near future; but, if it makes considerable progress by the end of May, which is when both the halving and Ethereum ETF storylines will have been priced into all of the main cryptocurrencies, then we will have a better understanding of whether or not it will reach $1 in 2024.
