Dogecoin (DOGE) rose 85% more than Bitcoin before 12/5/2023
In the bull market of 2021, meme coins led by Dogecoin (DOGE) were among the first to surge to new heights. From December 1st to December 7th within a week, they seem poised to continue their ascent in the new bull market. Dogecoin, between October 15th and December 5th, surged from $0.05755 to $0.106, marking an 85% increase, surpassing Bitcoin’s 68% surge.
Bitcoin price broke 45,000!
Bitcoin rose from $26,900 on October 15th to $45,000 on December 5th, and its breakthrough past $40,000 made Dogecoin’s surge relatively pale in comparison. However, with Dogecoin’s 85% surge compared to Bitcoin’s 68% increase, it indeed outperformed Bitcoin.
Dogecoin perpetual futures funding rate soars to 50% annualized
CoinGlass data indicates that the nominal open interest related to Dogecoin, specifically the locked USD value in active futures and perpetual futures contracts, has surged by 58% within a week, reaching $625 million. On some exchanges, the funding rates for perpetual futures have skyrocketed to an annualized rate of 50% or higher, indicating a significant premium of perpetual futures compared to spot prices.
ORDI meme coin rose over 190%
Recently, it’s not just Dogecoin that has surged; several meme tokens have gained two-digit percentage increases in the past week from December 1st to December 7th. These include ORDI(ORDI), Shiba Inu (SHIB), Pepe (PEPE), Floki (FLOKI), and Bonk (BONK). Even the meme token ORDI, known as a leading part of the Bitcoin ecosystem, surged by over 190%.
Conclusion: Memecoin market value increased by 8.7%
Lastly, according to CoinGecko’s data, the market capitalization of meme coins increased by 8.7% in the past 24 hours, reaching $23.2 billion.
