Dogecoin Surges 9% As Momentum Returns To Memecoins

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y%wire
DOGE+1.69%
SHIB+1.52%
BTC+0.23%

The price of %Dogecoin (CRYPTO: $DOGE) has surged 9% higher in the past 24 hours as momentum returns to %Memecoins.

In the last day, more than one billion Dogecoin tokens have been traded around the world, pushing the cryptocurrency's price to $0.2565 U.S.

Traders attribute the recovery in Dogecoin at the start of October to institutional investors accumulating crypto, including memecoins, as the U.S. government remains shutdown.

There is also growing speculation around U.S. exchange-traded fund (ETF) approvals that has investors moving capital back into cryptocurrencies to start October.

%ShibaInu (CRYPTO: $SHIB), another memecoin, has seen its price surge 6.2% in the last 24 hours, underscoring gathering momentum in memecoins.

Memecoins are cryptocurrencies that have no underlying utility or functionality. In the case of Dogecoin, it was started as a joke about a decade ago.

Support for Dogecoin has now shifted to $0.242 U.S. following the latest breakout, say analysts, with resistance hardened at $0.255 U.S.

Larger and more established cryptocurrencies are also rising sharply to start the new month, with Bitcoin's (CRYPTO: $BTC) price jumping to $119,000 U.S.

October is typically the strongest month of the year for crypto, leading some investors to dub it "Uptober."

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