Dogecoin has posted significant gains across multiple time frames despite a broader market correction. The meme cryptocurrency rose over 15% in the past month and is the second-best performer among the top 100 assets by market cap. Data shows its open interest has increased steadily, though macroeconomic factors and high interest rates present potential headwinds for its continued rally.
**Dogecoin** is trading in the green across nearly all time frames. According to CoinGecko data, DOGE’s price has risen 3.3% in the last 24 hours, 10.3% in the last week, and 15.4% over the previous month.
The asset briefly hit the $0.11 mark on April 29 before settling near the 10-cent level. DOGE currently ranks as the second-best performing cryptocurrency among the top 100 projects by market cap in the daily charts.
These gains are notable given the wider market environment. Bitcoin recently fell to the $75,000 level after climbing toward $79,000, and the two assets often move in tandem.
Furthermore, the Federal Reserve decided to keep interest rates unchanged after its recent FOMC meeting. Higher rates typically lead to corrections for risky assets like cryptocurrencies as borrowing becomes more difficult.
Despite these bearish forces, Dogecoin appears to be maintaining healthy gains. CoinGlass data also indicates that open interest for DOGE has increased steadily since March.
Macroeconomic uncertainties have previously led to investor exodus from the crypto space. Riskier assets such as Dogecoin and other memecoins often face the brunt of such downturns.
