The meme-based token, Dogecoin (DOGE / USD), has seen an impressive surge over the past week, bringing massive profits to its investors. According to statistics, the token has grown in double digits by 19% in the past week.
Dogecoin puts the competition in the shade
Dogecoin also outperformed other top 10 digital currencies, including Ethereum (ETH / USD), which rose 18% over the same period.
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Interest in Dogecoin also increased over the weekend, but interest in the token was low before last week.
The data analytics firm, IntoTheBlock, posted a tweet showing that the majority of Dogecoin addresses are making profits. According to the tweet, around 66% of addresses have benefited from the recent surge in cryptocurrency.
Dogecoin recent development
Dogecoin has received massive sponsorship from notable people, with Tesla’s co-founder Elon Musk making the largest contribution. The cryptocurrency hit its all-time high of $ 0.70 on May 8 after a series of tweets and promotional talks about the token. Since then, however, the cryptocurrency has fallen, even trading at $ 0.17 on July 22nd.
However, the price has risen above the $ 0.20 level. It is not certain what triggered the recent bullish move. The number of Dogecoin addresses holding large numbers of tokens has increased, according to data from bitsinfocharts.com.
The data showed that the mysterious DH5 is still the address with the highest number of Dogecoin tokens. It is reported that this address alone has around 36 billion Dogecoin, which is roughly 28% of the total DOGE supply.
DOGE continues to rise
While the current value is still far from its all-time high, its overall annual performance has been great. DOGE isn’t the only cryptocurrency that has fallen significantly since its all-time high. The majority of cryptocurrencies have lost significant profits in the past few months.
And compared to last year, DOGE’s performance was significantly higher than that of most other cryptocurrencies. Over the past 12 months, the meme-based token has seen an impressive 6.849% increase.
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