Dogecoin (DOGE), the original meme coin, has seen solid gains in the last month as the broader cryptocurrency market has risen in value. Dogecoin, in particular, has risen from $0.064 on July 17 to $0.086 on August 16, a 34.36% increase, according to Finbold data retrieved from CoinMarketCap.
DOGE is up 14.72% in the last 24 hours and 20.42% in the previous week at the time of publication. In the last month, the tenth-ranked cryptocurrency by market cap has increased its total worth by slightly more than $3 billion, rising from $8.44 billion to $11.49 billion.
On August 11, Mark Cuban, a billionaire investor, recently engaged in conversation with holders of Cardano (ADA) and stated that Dogecoin is a more practical choice for making payments than ADA. Cuban told his 8.8 million Twitter followers that while Cardano may be able to run more apps on its blockchain, Dogecoin is currently more useful.
Retail traders are returning to coins like Doge and Shiba INU!
Interestingly, Dogecoin’s recent rise coincides with Shiba Inu (SHIB), another dog token that has seen increased capital inflow and is gaining traction in cryptocurrency. Finbold reported that $1.5 billion entered SHIB’s market cap 24 hours just a day earlier, making the decentralized finance (DeFi) dog token the most-trending crypto on August 15.
Notably, both coins had a lackluster first half of 2022 but then showed signs of a recovery in July, with the gains coinciding with those of the broader market, which has been trading in the green zone in recent weeks, led by large-cap assets such as Bitcoin (BTC) and Ethereum (ETH).