EthereumAnd major altcoins have skyrocketed with popular meme coins over the past week Dogecoin By market value, we list the largest profits of the top 20 tokens.
Doge jumped nearly 36%, according to Crypto Markets data provider Coingecko.
The original memecoin and Elon Musk’s favorites were close to six months high and were last traded at this level in mid-February.
Zach Pandle, director of research at Grayscale, said Decryption The surge in interest in coins stems from a new taste to investors’ risks more than any other factor.
“The rising prices of Dogecoin this month are widely aligned with other Altcoins and reflect an increased risk for crypto traders, rather than a change in the fundamental value of this project,” he said.
Pandl added that passing the Stablecoin Act in the US is supporting the entire market, including Meme Coins. President Trump signed the genius law stubcoin last week, and secured its regulating digital tokens.
Katie Talati, Arca’s research director, said Decryption Following the huge profits from Bitcoin and Ethereum, investors may now be turning their spare cash into ALT.
“Usually, when a major token takes on a price, investors tend to shut down profits and transfer capital to small assets with low market capitalization and low trading volume,” she said.
“The number of popular tokens has been increasing recently among retail investors such as XRP, ADA and Doge. It is important to note that Doge is widely available on most crypto exchanges.
However, other factors may also be working. Bit origin, listed on the Nasdaq on Monday announcement A $500 million Doge Treasury strategy after the first $40 million purchase.
Crypto Miner follows other publicly traded companies by purchasing digital assets as a way to increase the value of their stock.
Last year, Doge came together ahead of the US presidential election when Elon Musk began talking about coins again. Initially created as a joke, Doge gained cult support when the world’s wealthiest man began pumping coins on Twitter (now X).
Coins have since surged in market capitalization, with many asset managers being applied to the US Securities and Exchange Commission for Spot Dogecoin Exchange Trade Funds. Bloomberg analysts predict that these funds have a 90% chance of receiving regulatory green light.