Dogecoin has jumped 10% over the past 24 hours alongside Ethereum. Shiba Inu has also enjoyed a hefty rally
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Like a dog with two tails. Dogecoin and Shiba Inu have staged impressive rallies this morning.
As the cryptocurrency market stages a strong recovery following last week’s selloff, meme coins Shiba Inu (SHIB) and Dogecoin (DOGE) have posted significant gains over the past 24 hours.
DOGE, the largest and perhaps most well-known meme coin, rose nearly 10% over the past day. The canine crypto is currently trading at a new monthly high of $0.065, according to data from Coingecko.
DOGE, the tenth-largest cryptocurrency with a market capitalization of just under $9 billion, is now well ahead of Polkadot’s (DOT) market cap of $7.5 billion.
Dogecoin’s trading volumes across different exchanges are upbeat too. The cryptocurrency’s trading volume clocked above $682 million over the past 24 hours, up 178% from the previous trading day.
Today’s heroics has helped DOGE reverse its weekly and monthly losses. On a monthly note, DOGE has gained nearly 7.6%, suggests Coingecko.
Despite today’s double-digit rise, though, DOGE is still down 91% from its all-time high of $0.7315 recorded in May 2021.
DOGE futures positions worth $2.22 million have been liquidated over the past 24 hours, according to data from Coinglass. Most (78.96%) of the liquidations came from blown-out short positions.
Besides the broader market's bullish momentum, reduced miner reserves and steadily increasing long-term holders have also attributed to DOGE’s bullish price action.
The total miner reserve is at 4.39 billion DOGE, down nearly 65% over the past 12 months to levels last seen in December 2013, according to data from IntoTheBlock.
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