Cryptocurrency Market Shift: Dogecoin Leads Top 20 After Risk Appetite Returns
According to market data, Dogecoin has surpassed all other cryptocurrencies ranked eighth globally by market value (by CoinGecko) and above in price appreciation over the past week.
Doge gained nearly 36%, currently trading for approximately $0.27 per coin, approaching its six-month peak seen mid-February.
“The gain in Dogecoin’s price this month is broadly in line with other altcoins, and reflects an increase in crypto trader risk taking rather than any change in this project’s fundamental value,” said Zach Pandl, Head of Research at Grayscale.
The surge is attributed primarily to investors broadening their exposure beyond major coins like Bitcoin and Ethereum, returning to alternative assets following those record July months.
“Typically, when major tokens move in price, investors tend to lock in profits and shift their capital into smaller assets with lower market caps and trading volume,” noted Katie Talati, Research Head at Arca. Popular retail-favorite tokens like ADA, XRP, and DOGE have been on the rise.
Facilitating this accessibility for retail investors is DOGE’s widespread availability across most crypto exchanges.
Additional factors potentially amplifying the surge include:
- The recent establishment of the first approved stablecoin bill in the US through the Binance Innovation Expansion Act (GENIUS Act), providing regulatory clarity.
- Investment from Nasdaq-listed Bit Origin, which revealed a $500 million treasury strategy involving DOGE after an initial $40.5 million purchase, joining other public companies deepening their crypto stakes.
Historically, DOGE saw significant price surges during periods of heightened public interest, prominently linked to figures like Elon Musk driving conversation on X (formerly Twitter). Currently, asset managers are actively seeking SEC approval for spot ETFs investing in DOGE, with analysis suggesting a high likelihood of approval.
