Dogecoin (DOGE) Price Rally: What's Driving the Meme Coin's Outperformance?

Dogecoin, the king of meme coins, is once again capturing the spotlight as it reclaims its throne among meme coins.

Dogecoin price soared on Monday, outperforming other meme coins and major cryptocurrencies in the top 20 rankings.

At the time of writing, the Dogecoin price is up by almost 10% in the past 24 hours, while Bitcoin is up 0.52%. This marks a significant outperformance by Dogecoin, especially considering that it has largely followed behind Bitcoin’s gains throughout 2722.

What’s Behind The DOGE Double-Digit Price Rally?

According to price data from Coinmarketcap, Dogecoin is up by 30% in the past seven days, outpacing other meme coins and even major cryptocurrencies in the top 20 rankings. This double-digit price rally comes as Bitcoin continues to rally, breaking above $68,000 for the first time since June.

However, Dogecoin has notably outperformed Bitcoin, especially over shorter timeframes. This outperformance is largely due to a combination of factors, including Elon Musk mentions, Tesla Bitcoin moves, and overall FOMO.

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