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Dogecoin Increases By 5% As Meme Coin Leads Market Rally

The past 24 hours have seen the price of Dogecoin increase significantly by 5%, going a step further above other cryptocurrencies in terms of market performance.

According to CoinMarketCap, the meme cryptocurrency has outpaced all other major altcoins in the period under consideration, with price action making a case for Dogecoin.

U.Today reported that the DOGE experienced a double-digit price surge on Thursday following the announcement by Bitcoin of America that it has added the popular meme token to all its crypto ATMs across the United States.

In the same period, a popular trading platform, Voyager, also announced the addition of Dogecoin to its trading network. The two separate events mentioned above contribute to the rise in the value of the meme token.

Elon Musk and Twitter

The Tesla boss has disclosed his intention of buying Twitter and changing the social media platform’s logo to that of the canine crypto’s, Doge. This, however, is not clear if the statement from Musk has some real intent, but it surely sounds enticing to the Doge community.

The billionaire has remained a controversial figure in business due to his radical approach to innovations and enterprises. Still, his latest statement is not out of the ordinary as Musk has been known for such, going by his previous Twitter posts.

Top Industry Performance

In another development, the top performers in the industry saw many names on the list of those who performed as per market indices, with Zilliqa are the best-performing among them, with a 73.17% increase in the past 24 hours.

VeChain, followed with a 14.50% increase over the same period under consideration, has recorded a double-digit increase by surging above 10% of its current value.

ApeCoin, despite its struggles during its debut the previous week, spiked by 8% on Sunday, March 27, which saw its price rebound by up to $14. Price action like this is another indication that the earlier hype about the BAYC native token is still on.

Further insight into the performance of other digital currencies shows Bitcoin is still at the bottom of the red zone by market cap as it currently trades at $45,500 on most of the major exchange platforms.

The bulls have, in this case, failed to mount any serious effort to enable the leading cryptocurrency to move above the $45,000 price mark, which was recently outlined as the critical pivot by the experienced trader, John Bollinger.

Ethereum also struggles to make its mark and move further up the digital currency ladder after Bitcoin. Ethereum currently sits below the $3,200 price mark.

Dogecoin’s direct rival in the meme crypto category, Shiba Inu, is in the red zone looking for the opportunity to pull itself out of the downward spiral. At the time of writing, Shiba Inus’s price action saw an increase of a measly 0.67% price jump.

In all, Dogecoin appears poised to continue its positive market trend in the days to come.

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