Dogecoin Just Added $1 Billion of Market Cap On This Catalyst
A bifurcation in performance is starting to be seen in the crypto sector. However, unlike the uneven performance we saw for most of this year, in which high-quality tokens outperformed their more speculative counterparts, the more recent rally that's played out over the past few weeks has seen more speculative meme tokens outperform on a relative basis.
Today, this trend has continued. As of 10:30 a.m. ET, Dogecoin (CRYPTO: DOGE) surged 15.1% higher, despite relative weakness in many top-tier tokens. This move represents the addition of more than $1 billion in market capitalization overnight, as this token's overall valuation has surged to more than $11 billion.
The key catalyst driving Dogecoin's outperformance appears to be bullish sentiment surrounding the upcoming Ethereum merge. Various Ethereum-based tokens, such as Dogecoin, have outperformed in this merge-based rally, in many cases to a greater degree than Ethereum itself.
Source Fool.com
