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Dogecoin is the only cryptocurrency in the top 10 to achieve double-digit gains in a week
Find out why Dogecoin is the only cryptocurrency token in the top ten to post double-digit gains in the last seven days. Also find out how other meme coins have performed in comparison and discover the potential of the new SPONGE token and its ecosystem. Please note that cryptocurrencies are highly risky and this article is for informational purposes only. Losses are possible.
Dogecoin is the only cryptocurrency in the top 10 to achieve double-digit gains in a week
This year's top meme coin, Dogecoin (DOGE), has gained 20% in the last seven days. Unlike other cryptocurrencies in the top 10 by market capitalization, DOGE was able to achieve double-digit gains. Overall, the leading cryptocurrencies have experienced a strong rally since February. The main price drivers were the approval of eleven Bitcoin ETFs by the US Securities and Exchange Commission (SEC) and the increasing likelihood of Ethereum ETFs. Additionally, the upcoming halving of the new Bitcoin supply in April was hyped.
Compared to other meme coins, DOGE has seen the least rally in the last seven days. Competitors SHIB and PEPE posted strong triple-digit gains of over 130%. DOGE's chart shows a rapid rally since late February, followed by a significant decline in early March. With a relative strength index of 48, there is still room for further gains or losses. However, DOGE is unlikely to reach $1 in the short term. The price situation through the end of May, when the halving and Ethereum ETF launches are taken into account, will provide a more accurate insight into whether DOGE can reach $1 by 2024.
One hundred percent profit with the competition's meme coins
As the rally in meme coins makes headlines, it's fair to wonder how much potential these rallies really have. Since cryptocurrencies are already highly speculative and volatile, meme coins must offer solid fundamentals to meet the growing attention. Typically the strongest meme coins are the ones that have the strongest projects behind them. However, meme coins often offer little added value outside of their cultural capital. Dogecoin (DOGE) is an exception as it has the first mover advantage and originality on its side. However, the flood of imitations has already largely saturated the space for coins related to Doge and memes.
A meme token that offers more than just laughs is SPONGE. It is the native token for a promising new ecosystem. SPONGE is an ERC-20 standard token created on Ethereum. It was recently upgraded and migrated to a V2 on Polygon, an Ethereum Layer 2 scaling solution.
With the upgrade, the team also introduced some key improvements, including a new staking model that offers a minimum return of 40% APY. The current return is around 570% depending on the number of stakers and tokens locked.
SPONGE also powers an upcoming racing game where players compete to earn SPONGE rewards.
Table
| Cryptocurrency | 7 day price change |
|---|---|
| Dogecoin | +20% |
| SHIB | +130% |
| PEPE | +130% |
| Bitcoin | n/a |
| Ethereum | n/a |
Conclusion and outlook
The last seven days have been positive for Dogecoin, which bucked the trend of other top cryptocurrencies and posted double-digit gains. Still, Dogecoin is unlikely to reach $1 in the short term. The rally in meme coins has raised questions about their long-term potential and highlighted the importance of solid fundamentals. Among meme coins, SPONGE offers more than just cultural capital, with upgrades and a promising ecosystem. It remains to be seen how the cryptocurrency market will develop in the coming months and whether competition between Dogecoin and other meme coins will increase.