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This week has proven remarkable for Dogecoin (DOGE), the leading meme cryptocurrency, which has risen significantly amidst a broader crypto revival.
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The surge in Dogecoin’s price has sparked renewed interest in the meme coin sector, suggesting a potential shift in market dynamics as investors seek opportunities in less traditional assets.
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“The acquisition of Dogecoin Holdings is a game-changer for DOGE, as it opens doors for innovative Web3 applications,” noted a spokesperson from Spirit Blockchain Capital.
Dogecoin experiences a remarkable 30% rise as Spirit Blockchain Capital’s acquisition boosts confidence and market cap surpasses $30 billion in a recovering crypto landscape.
Dogecoin (DOGE) adds 30% in week, market cap hits $30 billion
Dogecoin (DOGE), recognized as the premier meme coin, recorded a substantial 30% price increase over the past week. This surge positioned DOGE as the leading weekly performer within the top 30 cryptocurrencies, ultimately pushing its market capitalization beyond the $30 billion threshold.
As of November 9, 2024, DOGE’s trading price reached $0.21605, marking its highest value in over seven months. The cryptocurrency’s market capitalization peaked at approximately $30.9 billion, reflecting a robust recovery in meme-based digital assets.
The recent uptick in Dogecoin’s value can be traced to the announcement regarding the acquisition of Dogecoin Holdings by Spirit Blockchain Capital. This entity has been tasked with developing Web3 solutions leveraging the Dogecoin blockchain, potentially enhancing the utility of DOGE beyond its meme origins.
Despite its origin as a proof-of-work cryptocurrency, which inherently limits smart contract capabilities—due to its creation as a fork of Litecoin (LTC)—the establishment of Dogecoin Holdings may facilitate broader adoption and innovation.
Within the broader landscape of the top 100 cryptocurrencies, the meme coin sector presents mixed signals. Noteworthy is Neiro (NEIRO), which has seen a remarkable gain of over 65% within a week, driving its market capitalization beyond $1 billion.
Conversely, Popcat (POPCAT), one of the leading cryptocurrencies on “Murad’s meme coins” list, is among the few that have concluded this bullish week negatively, alongside Mantra (OM), Tron (TRX), and Kaspa (KAS).
TON meme coins making comebacks; HMSTR leads parade
The remarkable performance of Dogecoin has been complemented by incoming bullish predictions from macro economist Raoul Pal, further invigorating the DOGE community.
Among the meme coins, those based on the TON blockchain are exhibiting the most significant daily gains, with HMSTR, the native cryptocurrency of the Telegram app Hamster Kombat, skyrocketing by over 66% in just 24 hours, led by increased whale activity.
Other TON-based meme cryptocurrencies such as Dogs (DOGS) and Resistance Dog (REDO) recorded impressive increases of between 26% and 27%. Meanwhile, Notcoin (NOT), recognized as the leading TON meme crypto, rose by 16%.
Conclusion
In summary, Dogecoin’s resurgence underscores a pivotal moment in the cryptocurrency market, blending community enthusiasm with practical advancements in technology. The strategic acquisition of Dogecoin Holdings could serve as a catalyst for further innovation and adoption in the space. Moving forward, investors will be watching closely as meme coins exhibit both promise and volatility in a rapidly evolving market landscape.
