DOGE Outperforms Prominent Rivals
The first meme token to be introduced in the digital currency ecosystem, Dogecoin is currently inching upwards, with the wider crypto market also managing to overcome its bearish trend.
At publishing time, the price of the largest meme token in the market had recorded a rise of 5% in the last 24 hours, as it was trading at $0.06368.
This uptrend in Dogecoin is considered quite unusual because of the recent growth trends that had been seen and it shows that the uptrend could actually be here to stay.
The rise
The new growth in the price of the original meme token was also accompanied by a rise in trading volume by an impressive 57%.
Data from CoinMarketCap shows that the total trading volume for DOGE had reached an impressive $226,885,971.
To clearly assess the performance of the meme token, it would be appropriate to measure its increase against that of its closest competitors, as the market seems to be in favor of altcoins once more.
DOGE has recorded an increase of 5% in its price and its closest rival, ShibaInu, which is the second-largest meme token in the market, has also been trading in the green.
However, it has managed to record a lower growth rate, as it only rose by 0.95% and at publishing time, it was trading at a price of $0.000007513.
The data
The data also shows that Pepe, the frog-themed meme token also experienced growth of about 2.82% during the same time period.
It was trading at a price of $0.0000008718 and the rise in its price was significantly lower than that recorded in Dogecoin.
The current outlook indicates that the growth in DOGE might actually stay, but this reality can be hard to judge based on the momentary data available.
It should be noted that the meme token has lagged behind the two rival tokens mentioned above when you take their monthly performance outlook into account.
No drivers
In addition, it is clear that it is the general market momentum that has resulted in the recent rise in the price of Dogecoin.
There are no other drivers in the Dogecoin ecosystem that could have contributed to its price rise currently because its fundamentals have remained unchanged.
This is unlike its competitors, such as the ShibaInu token, which has seen its ecosystem make great improvements recently.
The latest one was the launch of Shibarium, the layer-2 scaling solution, which had been introduced back in August.
There are no such plans within the Dogecoin ecosystem, with integration with X the only factor that might contribute to its growth that too in the foreseeable future.
