Dogecoin gains 15%: What is driving this rally?

Dogecoin, Elon Musk’s favorite meme cryptocurrency, has zoomed 15 per cent intraday in the past 24 hours, data from CoinMarketCap revealed. 

The meme coin was trading at $0.076 at its lowest during the last 24 hours and whizzed to $0.089. The cryptocurrency rallied 15.75 per cent as per data from CoinMarketCap. 

Dogecoin was trading at $0.08529, up 9.81 per cent, at 09:30 AM IST. It has a live market cap of $11,317,630,655 and a circulating supply of 132,670,764,300 DOGE tokens. The 24-hour trading volume of the memecoin is $1,943,308,713, up 124.95 per cent in the past 24 hours, CoinMarketcap data highlighted.

Why is Dogecoin zooming?

There are several positive cues that are contributing to this Dogecoin rally.

1. Memecoin rally

Shiba Inu’s rebound over the weekend has given tailwinds to other memecoins like Dogecoin, Baby Doge, Floki Inu, etc. This has led to a memecoin rally and Dogecoin is the top gainer in this rally.

Dogecoin has gained around 40 per cent from its lows recorded at the beginning of this month.

2. Mark Cuban praises Dogecoin

During the altcoin podcast, Mark Cuban, billionaire investor and crypto influencer said that Dogecoin had better applications than layer 1 blockchain Cardano. Cuban said, “I still think DOGE has got more applications potentially available to it than Cardano.”

Cuban also shed light on the distorted market cap of Dogecoin and other cryptocurrencies like ADA, SHIB, among others.

3. Innovation in technology

Blockchain developers will now be able to build apps on Dogecoin through Libdogecoin. Libdogecoin is a C-based library of building blocks that enable integration of Dogecoin without the requirement of in-depth blockchain knowledge.
This has paved the way for the possibility of smart contract development using Dogecoin, increasing the viable applications of the cryptocurrency. Investors and analysts became bullish on Dogecoin after this announcement was made.

The director of the Dogecoin Foundation, Timothy Stebbing, announced this new innovation in Dogecoin technology last week.

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