Dogecoin’s price has experienced a rapid recovery compared to other top ten cryptocurrencies in the past week. The popular meme coin has seen an increase of 18.8% and is currently trading at $0.1676.
The surge in Dogecoin’s price can be attributed to the recent announcement that Tesla is now accepting DOGE as payment for merchandise on its online store. However, unlike in 2021 when such news would significantly impact the price, this week’s rally seems to be driven by broader market movements.
In contrast, Bitcoin, the original cryptocurrency, only grew by 4.5% to reach $65,185, while Ethereum, its main competitor, added 1% and is currently trading at $3,203.
Meme coins are currently experiencing some of the largest price rallies in the market. While Dogecoin stands out among the top ten cryptocurrencies, it is one of the weaker performers among the top five meme coins.
Floki, the fifth largest meme coin with a market cap of $2 billion, has grown by 19% in the past week. DogWifHat and Pepe Coin, the fourth and third largest meme coins with market caps just above $3.5 billion, have both seen an increase of 30% or more.
Looking at Dogecoin’s trading chart for the past seven months, there have been brief periods where the price surpassed $0.22. The token has shown volatility throughout the year but has strong support at $0.12. With a Relative Strength Index (RSI) of 49 and falling, Dogecoin is expected to stabilize but could incur losses if the market moves against it.
Apart from the well-known meme coins, investors seeking the upside potential of the sector should consider diversifying their holdings with tokens that are still in presale. Sealana ($SEAL), a spin-off of the viral South Park character Gamer Guy, has already raised a quarter of a million dollars in its recent presale.
Sealana represents Web3’s Everyman, symbolizing the idler in everyone. Investors can acquire 6,900 $SEAL tokens for every 1 SOL during the ICO. This puts them in a favorable position to benefit from potential appreciation.
Investors can purchase Sealana through the website or by sending SOL from a decentralized wallet to a specific address. To stay updated on Sealana’s latest developments, users can follow their X account.
It is important to note that cryptocurrency is a high-risk asset class, and this article is provided for informational purposes only and should not be considered investment advice. There is a possibility of losing all invested capital.