DOGE sprints 30% in a month adding $3 billion to its market cap

The original meme coin, Dogecoin (DOGE), has seen solid gains in the last month as the broader cryptocurrency market has surged in value.

In particular, Dogecoin has climbed from $0.064 on July 17 to $0.086 on August 16, an increase of 34.36%, as per data calculated by Finbold retrieved from CoinMarketCap.

At the time of publication, DOGE is up 14.72% in the last 24 hours and a further 20.42% across the previous week.

Dogecoin 1-month price chart. Source: CoinMarketCap

In the last month, the 10th ranked cryptocurrency by market cap has added a little over $3 billion to its total value, climbing from $8.44 billion to $11.49 billion.

Dogecoin 1-month market cap chart. Source: CoinMarketCap

Dogecoin for payments

Analyzing the reasons behind the DOGE climb, on August 11, Mark Cuban, a billionaire investor, recently engaged in conversation with holders of Cardano(ADA), and said that Dogecoin is a more practical choice for making payments than ADA.

Cuban informed his 8.8 million followers on Twitter that even if Cardano could be able to run more apps on its blockchain, Dogecoin still currently fulfills more use.

“I didn’t say there were more applications that can run on dogs. I said there were more for dogs. I can buy things pretty much anywhere that accepts crypto. It’s more usable as a currency than ADA.”

Meme coins see the return of retail traders

Interestingly, Dogecoin’s recent climb comes off the back of fellow dog token Shiba Inu (SHIB), registering increasing capital inflow and picking up steam among the cryptocurrency community.

On August 15, the decentralized finance (DeFi) dog token appeared as the most-trending crypto, as Finbold reported $1.5 billion entered SHIB’s market cap in 24 hours just a day earlier.

“Dogecoin and Shiba Inu have both broken out over the weekend, clear evidence that the retail investor is back,” said Hayden Hughes, chief executive of social-trading platform Alpha Impact.

Notably, both coins had a lackluster first half of 2022 but then exhibited indications of a recovery in July, with the gains corresponding with those of the broader market trading in the green zone in recent weeks, led by large-cap assets like Bitcoin (BTC ) and Ethereum (ETH).

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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