The cost of Dogecoin has increased by 13% over the past day

Despite the clear long-term bear market trend in crypto assets, some tokens manage to go against the trend and show a bullish nature. Earlier, we talked about how some NFT projects managed to achieve solid growth and give their investors even 2x in some moments. This time we will talk about, perhaps, the most famous Dogecoin memtoken.

Over the past 24 hours, the minimum value of Dogecoin reached $0.06065, after which it rapidly began to show growth. Today at 11:40 UTC +0, the memtoken reached its peak value of $0.06862. Thus, the token grew by 13.1%. At the time of writing, the Dogecoin quote is equal to $0.06695, which is 2.5% less than the peak value.

During the day, the market capitalization of the top memtoken increased from $9,100,000,000 to $8,880,000,000 (+13%) and fell to $8,800,000,000 (-2.5%). Technical analysis shows that Dogecoin may soon rise to new local highs. By the way, over the past month Memtoken also set a new record. Previously, the maximum was $0.06616. It was October 10 at 05:00 UTC +0. The situation is aggravated by the fact that the emission of Dogecoin has no limits and the memtoken can be mined indefinitely. There are now over 132,670,700,000+ coins circulating on the network.

Elon Musk's intention to acquire Twitter and introduce a payment function in the form of Dogecoin may also influence the increase in the value of the coin. According to him, the deal will have to be executed on October 28. Against the backdrop of this event, many large investors have found interest in investing their funds in Dogecoin. The top 85 Dogecoin holders have made transactions worth $100,000+.

In addition, the number of memtoken holders has increased significantly. Over the past 3 months, 100,000 more people have joined the ranks of DOGE Ambassadors. Crypto analysts note that the recent sharp increase in capitalization means the activation of cryptokit holders, which indicates a possible further growth with the aim of their subsequent profit-taking.

One of the richest people in the world is famous for his support of Memtoken. In April 2021, he also appeared on the Saturday Night Show, where he campaigned for the purchase of Dogecoin and the rise of this coin. At that time, the historical maximum of the cryptocurrency was recorded. The coin at the moment was worth $0.71 and after that it collapsed to $0.17 in a couple of months. In addition to Elon Musk, many other people express support for the memtoken, and some online stores can even accept payments in this cryptocurrency.

Dogecoin is a meme token created by Billy Marcus as a fork of Litecoin on December 8, 2013. Among the main features of the token, one can note a low commission on the network and a very high transaction speed. Now the transfer fee is 0.01 DOGE ($0.00066). Dogecoin is also known for its community, which could cooperate to achieve certain goals. For example, on March 25, 2014, approximately 67,800,000 memtokens (~$55,000) were raised by Dogecoin holders to fund racing driver Joa Wise for further NASCAR racing. The latter entered the competition with the Dogecoin livery.