Dogecoin (DOGE) outperforms its key rivals

Dogecoin (DOGE) outperforms its key rivals
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Dogecoin (DOGE), the first meme coin in the digital currency ecosystem, is currently rising as the broader market broke out of its bearish trend. At the time of writing, Dogecoin is currently up over $0.06368 and over 5% in the last 24 hours. This Dogecoin bullish trend is quite unusual considering its recent growth trends, a new understanding that shows that the bullish trend is here to stay.

DOGE 1D chart. Source: CoinMarketCap

Dogecoin’s new growth is supported by a 57% increase in trading volume, which reached a total of $226,885,971, according to data from CoinMarketCap. To appreciate the current performance of DOGE, it will be appropriate to take advantage of the advances of its closest rivals now that the market seems favorable for most altcoins.

While Dogecoin boasts a 5% growth in price, the second largest meme coin Shiba Inu (SHIB) is also trading in the green, but with a relatively lower growth rate of 0.95% and a fixed price at $0.000007513. The rare outperformance is also observed for the frog-themed meme coin, Pepe, whose price is set at $0.0000008178 with a growth of over 2.82%, which is also far below that of Dogecoin.

Is growth here to stay?

With the current outlook, one might be forced to assume that Dogecoin’s growth is finally here to stay, a reality that might be difficult to judge from the momentary data available at the moment. Notably, the coin has lagged behind these major rivals when the monthly performance perspective comes into focus.

Furthermore, aside from general market momentum, there is nothing in the Dogecoin ecosystem that is fundamentally driving the price of the asset right now. This is unlike Shiba Inu, which has close ties to Shibarium, its Layer 2 scaling solution, which is helping to usher in new decentralized applications (dApps) that can help boost the utility of the SHIB token.

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