Dogecoin bucks the trend with another 30% rise as other cryptocurrencies tumble

Dogecoin bucks the trend with another 30% rise as other cryptocurrencies tumble

Dogecoin continued to buck the broader market trend on Monday, rising 30% despite bitcoin, ether and other major cryptocurrencies stabilizing after steep falls over the weekend.

The meme cryptocurrency, which was created as a joke in 2013, had risen 29.2% over the 24 hours to 4.20 a.m. ET to stand at $0.37475, according to CoinGecko.

Dogecoin's rally contrasted with sharp falls for many other cryptocurrencies over the weekend, as excitement dropped in the wake of the $100 billion direct listing of crypto exchange Coinbase. Doge slipped slightly over the weekend after nearing $0.40 on Friday, but held up better than many of its rivals.

Bitcoin was down around 8% to $57,221 on Monday morning, well off recent highs of close to $65,000. Ether, the cryptocurrency on the Ethereum network, stood at around $2,260, below recent highs of more than $2,500.

Dogecoin has been the stand-out star of the cryptocurrency world over the last week, with a rise of more than 400% according to CoinGecko.

The massive rally is tied up with celebrity endorsements and meme culture, Adam Levine, head of podcasts at Coindesk, said.

"There seems to be a consensus unofficially among the Elon Musks, Slim Jims, Mark Cubans and a big part of meme culture