Dogecoin enters a rally along with two other memecoins

  • Dogecoin defies the price decline in the cryptocurrency market with an increase of 6%. 
  • Elon Musk’s interest in Dogecoin has fueled the popularity of the meme coin.
  • Despite Dogecoin’s rise, many other coins have seen a decline in the past seven days.

Still, with the market’s flagship coin declining, one cryptocurrency is defying the general fall in digital asset prices: Dogecoin.

The eighth largest digital asset and original meme coin are up nearly 6% in the past week, trading at $0.084, according to CoinGecko.

This rise in Dogecoin has brought with it other meme coins to have an increase in their listing prices. Baby Doge Coin (BABYDOGE) had soared more than 40% in seven days, trading at $0.000000003302.

According to CoinGecko data, other meme coins have also risen sharply over the past week. Although precise data is somewhat limited due to the recent introduction of the cryptocurrency on April 17, PepeCoin (PEPE) has also rallied considerably.

In just four days, an investor turned $250 into $1.02 million. At one point in the day yesterday, the value of the new coin rose almost 240% in 24 hours.

The well-known coin meme, Dogecoin, entered the market in 2013. It was created with a humorous end to the “doge” meme of a Shiba Inu dog to mock the seriousness of the Bitcoin world.

But then Elon Musk, CEO of Tesla, began to show his interest in the coin and began to launch a high number of comments via Twitter showing his support for the memecoin. 

Musk has since argued that the coin has utility for payments. In an interview conducted by Decrypt, the DOGE developers claimed that they worked with Musk to improve the cryptocurrency. 

Musk has also hinted at the idea that it could be Twitter’s currency. Earlier this month, Twitter, where Musk has been CEO since the company’s purchase was confirmed, replaced its blue bird logo with Doge. That change in the logo led to the currency having a 20% rise in its price. As of today, the Twitter logo is back to normal. 

However, many other currencies have plunged in the last seven days.

Earlier in the month, Bitcoin managed to breach the $30,000 barrier for the first time in 10 months. But it is now trading at $28,585, down 2.3% so far this day.