DOGE rose by almost 14% in the past 24 hours, offering investors an opportunity to recoup some of their losses following weeks of fairly consistent declines. The broader crypto market, which had a total market value of little under $1.6 billion, is up 11% in the same time period.
Year to date, the price of Dogecoin has increased by more than 13,000% from a starting price of about a penny in January, to an all-time high of more than $0.73 per DOGE in May and then declining to the current price of around $0.17.
DOGE as the Market Leader
However, during the past 24 hours, Dogecoin has emerged as the clear winner of the Top 10 cryptocurrencies by market size, increasing in value by almost 14% as per CoinGecko. For the time being, Dogecoin is selling for $0.22, which is about where it was in mid-July.
Over the past seven days, Dogecoin’s value has increased 21%, effectively matching Bitcoin’s increase and just shy of Ethereum’s 23% gain. Even though DOGE is only worth a fraction of the other market leaders, the percentage increases are significant since they represent growth for DOGE investors.
For the first time in a month, Bitcoin dropped below $30,000 the last Tuesday.
Five days after Sunday, Bitcoin was 30% higher and was on the verge of breaking $40,000. As the leading cryptocurrency recovered over the weekend, it continued to rise on Monday morning, beginning in Asia.
Over the last week, the price of Ethereum (ETH) has risen 22% to over $2,300.
Possible Catalysts for Market Return
On Wednesday during a pro-Bitcoin virtual event dubbed “The B Word,” Tesla Motors CEO Elon Musk provided a big vote of confidence for Bitcoin when he disclosed that both he and the automaker he founded, SpaceX, own Bitcoin as well as his other business, Tesla.
For the first time, he admitted that he owns some Ethereum and has been a “fan” of decentralized finance (DeFi) for a while. Busta Rhymes became excited and stocked up on Bitcoin after his performance, and as a result, he is now looking at Ethereum.
Additional speakers such as Square CEO Jack Dorsey and ARK Invest CEO Cathie Wood also addressed the virtual gathering. Wood’s company jumped on the crypto hype by buying large positions in the Grayscale Bitcoin Trust and Coinbase Inc. (GBTC).
The refreshed enthusiasm in the crypto markets was made possible by an Amazon job post in the field of cryptocurrency.
According to a post on the Amazon corporate website, the business has an open position for a Digital Currency and Blockchain Product Lead. A follow-up statement sent to the press confirms that Amazon is intrigued by the cryptocurrency industry. This was not the first time Amazon listed jobs for crypto-related positions.
Though other noteworthy winners who now hold positions outside of the Top 10 include Chainlink, which is up over 18% to a price of $19.45 as of this writing, and Polygon (formerly Matic), which is up over 19% to a price of $1.08 as of this writing.