Dogecoin Jumps 8%: Meme Coin Defies Gravity (Again)

Another day, another Dogecoin pump—Wednesday’s 8% surge left traders scratching their heads and diamond-handed Shiba Inu fans howling at the moon. Was it Elon’s latest tweet? A whale accumulating? Or just the crypto market doing its usual impression of a roulette wheel?

The usual suspects: Speculation runs wild whenever DOGE moves. This time, whispers of a potential payment integration (yes, again) did the rounds—because nothing says ’serious financial instrument’ like a joke currency finding new ways to stay relevant.

Reality check: Let’s be honest—Dogecoin’s ’utility’ is outperforming your hedge fund manager’s picks while being 100% powered by memes and collective delusion. Stay for the gains, laugh at the absurdity, but maybe don’t mortgage the house.

Dogecoin sees strong month, is altcoin season coming?

Dogecoin’s growth coincided with Bitcoin’s (BTC) all-time high of $109,487, which was a culmination of the May bullish market. Most other altcoins have seen strong growth in that period, including Dogecoin. Notably, in the last 30 days, Dogecoin was up 43.96%. What is more, most of that surge happened between May 7 and May 11.

Still, despite strong performance among many altcoins, Bitcoin continues to dominate investor interest. The altcoin season index remains at just 26 out of 100, indicating that Bitcoin outperformed nearly three-quarters of the top 100 altcoins over the last 90 days.

Moreover, the majority of the top 100 altcoins are still in the red over the past 90 days. This includes major tokens such as Solana, Cardano, Shiba Inu, and even Dogecoin. Specifically, dogecoin is still down 8.31% over the last three months.

That said, momentum for altcoins appears to be growing. The total altcoin market cap rose from $1.07 trillion at the start of May to its current level of $1.27 trillion. This suggests a potentially positive outlook for Dogecoin as well.