The last 24 hours saw the price of Dogecoin rise almost 7.8%, which makes it the second-best performing crypto in the list of the top 10 assets in the market.
Data from CoinGecko showed that the largest meme token by market capitalization hit a high of three weeks earlier on Monday at a value of $0.0787, but it had dropped to $00778 once more at the time of writing.
The rise
There has also been a rise in DOGE’s price in the last seven days by almost 10%, as the volatile meme token was able to wipe off the losses that it had suffered during the end of December.
As far as daily gains are concerned, Dogecoin was trailing Cardano (ADA), as it had recorded gains of 11.4% in 24 hours.
Dogecoin is currently the ninth-largest crypto in terms of market capitalization.
Market turns bullish
It should be noted that it was not just Dogecoin that saw the latest price action, as the wider crypto market also got a boost on Monday.
Positive sentiment surged in the market, as the price of Bitcoin (BTC) had touched the $17,000 mark on Sunday, which it had last done halfway through December.
Some of the other coins that also recorded gains for the day included Solana (SOL), as it continued to rake in gains of about 20% during the day, while its weekly gains stood at about 64%.
The last 24 hours also saw Litecoin record gains of about 7.6%, as did Uniswap, which saw gains of 7.3%. There was also a rise of 6.3% in the Binance Coin (BNB).
The second-largest crypto in the world by market cap, Ethereum (ETH) also recorded gains of 4.6% in the last 24 hours, which took it to a four-week high value of $1,323.
Investors
Meanwhile, investors have now shifted their focus on Thursday’s Consumer Price Index (CPI) report that will shed some light on the inflation picture for the month of December.
This economic report is going to be a very important one, as it precedes the meeting of the US Federal Reserve on February 1st.
It is due to the fact that it will also determine the size of the next interest rate increase that the US Fed is likely to deliver.
Estimates indicate that there may have been a 0.3% rise in inflation in December, which means the Fed is likely going to deliver a 25 basis points increase in the interest rate, lifting it to 4.5% to 4.75%.
But, there could also be a bigger hike of 50 basis points. This would also have an impact on the crypto market.
