Amid widespread market volatility, dog-themed cryptocurrency Dogecoin has sustained its price gains within a 30-day timeframe.
April has been a turbulent month for cryptocurrency assets, with most falling from recent highs. Bitcoin, the first and largest, is currently down 15% from its all-time high of roughly $73,750 set in mid-March, and down 1.5% in the last 30 days.
This trend is reflected across the crypto markets, with various coins down on a 30-day basis.
In the midst of this, Dogecoin (DOGE) has emerged as a beacon of resilience, defying market trends to sustain its gains over the past month. This unexpected show of strength has caught the attention of investors and enthusiasts alike.
On-chain analytics firm IntoTheBlock highlights this development, noting that dog-themed cryptocurrencies and several meme tokens are declining on a 30-day basis, except for a few crypto assets, like Dogecoin.
Due to the uncertain market conditions, memecoins are quickly losing their recent gains. $DEGEN $DOG & $DOGE are the only memecoins that still have a positive monthly return. pic.twitter.com/9uTv2quSwR
— IntoTheBlock (@intotheblock) April 17, 2024
IntoTheBlock posted a screenshot to support this premise, with Dogecoin being one of the few crypto assets that held up in gains monthly while others suffered losses.
According to CoinGecko data, Dogecoin is down 1.7% in the last 24 hours and 24% in the last seven days, but it is up 11.6% in the past 30 days and currently trades at $0.1476.
Partly contributing to Dogecoin’s steady performance is its development team, which is constantly working to deploy upgrades and releases that improve the cryptocurrency’s functionality and security. This desire to evolve has helped Dogecoin remain relevant.
In the past month, the Dogecoin Foundation released version 1.0 of Gigawallet, a backend service that provides a simple integration API for companies such as online businesses, exchanges and social networking platforms to programmatically transact Dogecoin.
GigaWallet seeks to accelerate the adoption of Dogecoin as a payment option by eliminating the complexity and risk associated with integrating Dogecoin payments into businesses.
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