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Dogecoin, the internet meme cryptocurrency that took the world by storm, is on the rise today. DOGE added 5% in the past 24 hours but remains down almost 14% in the past week. Since the start of the year, Dogecoin has outperformed almost all other assets.
The sixth-largest cryptocurrency, which hovers between bubble status and champion sustainability, is on the rise today after causing a stir in the hot NFT space coupled with a rise in the price of bitcoin that pushes the Top 10 green crypto-currencies.
High DOGE
Two of the cryptocurrency industry’s most popular themes got connected. Non-fungible tokens, or NFTs, are a hot new trend in the crypto market. These tokens contain things like artwork, videos, images, and just about anything their creators can imagine. Most of them are built on the Ethereum blockchain, which has strengthened the use case for this network in the meantime.
Dogecoin became the best DOGE after a token with a photo of a Japanese breed dog Shiba Inu, who happens to be the mascot of the Dogecoin project, which sold for 17,000 ethers, or $ 4.06 million. The real dog, whose name is Kabosu, has become the hugely popular Doge internet meme.
The transaction took place on the decentralized auction house Zora. After starting a bidding war, the winning bid went to Twitter user @PleasrDAO, a group that appears to be collecting NFTs. The photo of the Shiba Inu was taken in 2010 by the dog’s owner, Atsuko Sato.
Dogecoin joins the ranks of Beeple, the digital artist who recently sold his NFT titled Everydays: The First 5000 Days for $ 69 million at auction house Christies.
Bitcoin Bump
Dogecoin traded sentiment across the larger cryptocurrency market. As fate would have it, bitcoin is leading the wider market following some bullish comments from Dogecoin bull Elon Musk about bitcoin. Musk recently exerted his influence in the cryptocurrency market by criticizing energy-intensive bitcoins, which triggered a drop in the price of BTC.
The story continues
The Tesla chief has now tweeted that once about half of bitcoin mining comes from renewable energy sources instead of dirty fossil fuels, the electric vehicle maker will once again support BTC transactions. It upped the mood of the market including DOGE.
While the Dogecoin community would prefer to see Dogecoin trading on its own merits rather than the whims of the market, they have no complaints. Dogecoin has exceeded bitcoin earnings 50 times this year, as crypto influencer Udi Wertheimer noted.
This article originally appeared on FX Empire
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