While most of the cryptocurrencies continue to experience a slump this week, meme coin Dogecoin, the eighth largest digital asset, is defying the trend by increasing almost 6% in the past week, according to CoinGecko.

The rise in Dogecoin's value is driving up other meme coins as well. The value of Baby Doge Coin has surged over 40% in the past seven days while other meme coins such as PepeCoin are also up significantly. One investor turned $250 into $1.02 million in just four days, as the new PepeCoin exploded in value by over 240% in 24 hours.

Meme coins are Internet meme-based digital assets that are highly volatile and often lack any real utility. Dogecoin was created in 2013 as a joke tribute to the "doge" meme, but Tesla CEO Elon Musk's tweeting about the coin in 2020 pumped up its value, so much so that Musk has proclaimed DOGE has utility for payments.

Moreover, DOGE developers have confirmed working with Musk on improving the cryptocurrency. Although several other coins and tokens have experienced a slump in the past week, Bitcoin had a 10-month high earlier this month. It is currently down 3.5% in the past week, trading at $28,775.

(By Mat Di Salvo)