Dogecoin, Who? — These Cryptos Outperformed The Elon Musk Pet Last Week

Dogecoin (DOGE) has shot up nearly 70% over a seven-day period as of press-time and gained 22.75% to 0.071 in a 24-hour window, but there are cryptocurrencies out there that recorded even more spectacular gains.

What Happened: The Shiba Inu-themed joke cryptocurrency has been propelled by the social media posts of Tesla Inc TSLA CEO Elon Musk and his followers, but some other cryptos have outpaced DOGE gains even without celebrity endorsement. 

Cardano (ADA) — the fourth-largest cryptocurrency by market cap has returned 87.10% over a seven-day trailing period. ADA was trading 1.78% lower at $0.66 at press-time.

Ethereum (ETH) rival Solana (SOL) has run up 73.12% over a seven-day period. SOL was up 26.42% at $7.45 at press time.

Universal market access protocol’s UMA token is up a whopping 171.84% in the past seven days and traded 3.63% higher at $29.81 at press time.

With gains of nearly 141%, 0x (ZRX), a sort of a craigslist for cryptocurrencies, is also among those beating DOGE’s seven-day returns. ZRX was up 19.93% at $1.58 at press time.

Other notable gainers in the seven day period include Elrond (EGLD) — up 125.46%, Terra (LUNA) — in the green 123.99%, and Avalanche (AVAX) higher by 113.63%.

Why It Matters: Even though many so-called altcoins have run up more than DOGE in the last seven days, the top two by market cap — Bitcoin (BTC) and ETH stayed muted. Both the coins are up 15.51% and 23.14% in the period respectively. 

BTC traded 1.01% higher at $39,212.12 and ETH was up 0.59% at $1,637.36 at press time.

Grayscale Bitcoin Trust GBTC closed 0.21% lower at $37.88 on Friday.

Musk said over the weekend that DOGE’s high supply relative to BTCcan actually be an advantage. The entrepreneur also said that the “transaction speed of Doge should ideally be a few orders of magnitude faster.”

© 2021 Benzinga does not provide investment advice. All rights reserved.

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