Dogecoin's price is making headlines again, with a 27% surge this week, reaching its highest point in two months. This comes as Bitcoin flirts with its all-time high, currently just 5% shy of the $108,786 mark set earlier this year.
Key Highlights:
- Dogecoin (DOGE) hit $0.225, marking a 9% increase in the last day alone and a 27% jump over the week.
- Bitcoin (BTC) is trading at $103,700, inching closer to its record high, fueled by positive market sentiment.
- Ethereum (ETH) leads the pack with a 32% weekly gain, thanks to the successful Pectra network upgrade and optimistic global economic indicators.
Market Dynamics:
- Open interest for Dogecoin futures has risen to $2.52 billion, the highest since mid-February, indicating renewed trader confidence.
- Daily crypto market liquidations exceeded $1.1 billion, with Ethereum short traders bearing the brunt of the market's upward movement.
Meme Coins and Beyond:
While Dogecoin shines, other meme coins like Moo Deng (MOODENG) and Peanut the Squirrel (PNUT) have seen even more dramatic gains, with MOODENG nearly tripling in price this week.
Why Ethereum is Outperforming Bitcoin:
Analysts point to Ethereum's flawless technical upgrade and hopeful global economic signs as key drivers behind its explosive gains, suggesting significant upside potential after a period of stagnation.
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