After weeks of falls, DOGE has finally had its day, with the greatest 24-hour upswing among the top ten cryptocurrencies by market valuation.
To date, Dogecoin has had a wild year, rising more than 13,000 percent from a low of less than a penny at the start of the year to a high of more than $0.73 per DOGE in May—and then falling steadily amidst wider market turmoil to a current low of about $0.17.
However, according to CoinGecko, Dogecoin is the largest winner among the Top 10 cryptocurrencies by market size today, having gained roughly 14 percent in the last 24 hours. Dogecoin is currently trading above $0.22, a level it hasn’t seen since July 9.
Dogecoin’s value has grown 21 percent in the last seven days, nearly matching Bitcoin’s gain in the same time frame and falling just shy of Ethereum’s 23 percent gain. Of course, a single DOGE is just a fraction of what those market leaders are worth, but the actual measure of performance for holders is percentage gains.
The top meme coin has been unusually volatile in recent weeks, and while the price movements have been minor—down 20% in the past week as of July 16, then up 10% after Elon Musk changed his Twitter profile picture—the percentage swings have been somewhat disconcerting for investors.
During this time, Dogecoin co-founder Jackson Palmer, who left the project in 2015, launched a scathing attack against cryptocurrencies on Twitter.
On July 14, he tweeted, “After years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight, and artificially enforced scarcity,” kicking off a lengthy thread on the subject.
“Cryptocurrency is like taking the worst features of today’s capitalism system (corruption, fraud, inequality) and using software to minimize the usage of interventions (audits, regulation, taxation) that act as protections or safety nets for the average person,” Palmer continued.
Despite this, his co-creation is doing well in the market, as seen by the increases in the last 24 hours. Dogecoin currently has a market capitalization of over $29 billion, making it the eighth most valuable cryptocurrency by market capitalization, despite the fact that its price is still about 70% below its May peak.
Outside of the Top 10, Chainlink, which is up more than 18 percent in the last 24 hours to $19.45, and Polygon (ex-Matic), which is up 19 percent to $1.08 as of this writing, are two prominent winners today.