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Home Dogecoin Price

Dogecoin reaches three-week high as cryptocurrency market trends upwards

Dogecoin, the world's most well-known meme coin, has been performing exceptionally well in the past 24 hours among cryptocurrencies.

Doge News by Doge News
January 9, 2023
in Dogecoin Price, News
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Dogecoin has seen a significant price increase, with a 7.8% rise in value over the past day. This puts it as the second-highest performing asset among the top 10 cryptocurrencies.

According to CoinGecko, Dogecoin price reached a three-week high of $0.0787 earlier on Monday, but has since dropped to $0.0778 at the time of this report. Despite this slight decrease, the meme coin has seen an overall increase of more than 10% in value over the past week, recovering from losses it experienced at the end of December.

In terms of daily gains, Dogecoin, currently the ninth-largest cryptocurrency by market capitalization, lags behind Cardano, which has seen a 11.4% increase over the same period.

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The positive market trend for Dogecoin coincides with an overall bullish trend in the cryptocurrency market. The price of Bitcoin, for example, has returned to levels above $17,000 for the first time since mid-December.

Other top performing cryptocurrencies today include Solana, which has seen a price increase of nearly 20% over the past day and as much as 64% over the past week. Litecoin has risen 7.6% over the past 24 hours, followed by Uniswap and Binance Coin with respective increases of 7.3% and 6.3%. Ethereum, the second-largest cryptocurrency by market capitalization, has also seen a 4.6% increase in value and is currently trading at a four-week high above $1,323.

Investors are closely monitoring the upcoming release of the Consumer Price Index (CPI) report, which will provide information on the inflation rate for December. This report is considered a key factor in the decision-making process for the Federal Open Market Committee (FOMC) meeting on February 1. Based on projections that inflation rose by 0.3% in December, there is a possibility that the Federal Reserve will increase interest rates by 0.25 percentage points to a range of 4.5%-4.75%. However, there is also a chance for a larger 0.5 percentage point increase.

______________________________________

Editorial Source : DOGENEWS.COM
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