Over the past week, the meme cryptocurrency Dogecoin (DOGE) has risen by more than 80%, according to CoinGecko. The asset has surged above $0.10 for the first time since May 2022.
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Dogecoin’s market capitalization surpassed $14.6 billion. This position gives the meme cryptocurrency eighth place in the ranking — above Cardano ($14.2 billion) and Solana ($11.8 billion).
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Dogecoin began a rally on October 27 after Elon Musk posted a video of visiting Twitter’s headquarters. The next day the meme cryptocurrency added another 10% after the billionaire’s purchase of the social network.
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Musk has been actively promoting the meme cryptocurrency. In April he proposed lowering the price of Twitter Blue and giving users the ability to pay for the premium service in DOGE.
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In June, Musk confirmed his support for Dogecoin, despite the bear market. He said that Tesla would continue selling goods for DOGE and SpaceX would soon follow suit.
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Over the past seven days Ethereum rose 25% and trades at around $1,600. SOL and ADA gained 17.7% and 15.9% respectively, while Bitcoin rose only 8.4%.
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Total cryptocurrency market capitalization remained above $1 trillion.
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Earlier, Galaxy Digital founder Mike Novogratz suggested that the bear market could last another six months.
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Former Goldman Sachs executive and macro investor Raul Pal forecast that the market capitalization of digital assets could rise to $300 trillion in the next 10–15 years.
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Trader and analyst Michaël van de Poppe predicted Bitcoin to reach $30,000 in November.
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