Why is Dupe ($DUPE) Up Over 97% Today?

Dupe, a blockchain-enabled shopping platform, has emerged as one of the top gainers in the crypto space today. Its native token, DUPE, has soared by over 97% within the past 24 hours, taking its price to $0.0346.

What is Dupe?

Dupe is a platform that harnesses blockchain technology and artificial intelligence to offer consumer products to users.

In today’s world of e-commerce, technological advancements have made it easy for users to buy items online. However, most people are held back from purchasing what they want due to their expensive price tags. Dupe enables users to buy a similar product online at a cheaper price. This way, they save time and money for other endeavours.

Through its AI-powered visual search engine, the shopping platform searches the entire internet for lookalikes of the item the buyer needs, providing low-priced alternatives. The platform searches for these consumer items on reputable platforms, including Walmart, Target, Wayfair, and Overstock. This helps to ensure the top quality of the product being purchased. Still, users are encouraged to exercise due diligence before making a purchase.

Users can search for a wide range of products, including accessories, fashion items, electronics, home decor, and furniture. Using Dupe via web or mobile is free. The platform generates revenue through affiliate links it adds to products, which do not incur additional cost to buyers.

At the helm of Dupe’s operations is its native cryptocurrency, dubbed DUPE (meaning Deal Unlocking Price Engine). Built on the Solana network, the crypto asset aims to “merge unbeatable price savings with the power of crypto to transform how you shop and save.”

Why DUPE is Soaring

Over the past 24 hours, the Dupe App has emerged as the #1 app on Apple’s App Store, surpassing apps like ChatGPT, Google, and TikTok. Currently, the app is primarily open to United States audiences. With this notable surge in usage, Dupe is targeting expansion to various continents, such as Europe, Asia, and Latin America.

Before its recent growth in app usage, Dupe announced that it had onboarded Harrison Wang, the former Growth Lead of TikTok, as its Growth Advisor. Wang helped build TikTok from zero users to over 100 million within 18 months. The team behind the shopping app believes that Wang will help grow its business this much. This, alongside thousands of influencer marketing campaigns, has aided the project’s recent surge.

A closer look at DUPE’s on-chain metrics reveals that traders are accumulating a substantial quantity of the token, despite having unrealized profits. Additionally, they are not dumping the token, showing their confidence in the project.

At the time of writing, DUPE is selling for $0.0297, representing an over 136% surge in the past month. Its market capitalization and daily traded volume are $29.7 million and $24.1 million, respectively.

Interestingly, DUPE’s surge occurs amid a broader decline in the crypto market. Over the past 24 hours alone, the global crypto market has experienced a 5.8% decline, putting its value at $3.357 trillion.

Leading cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), have experienced significant declines. BTC, for instance, has dropped below the $95,000 threshold today. It currently sells for $96,300. ETH, on the other hand, sells for $3,100, representing a 7.3% decline in the past 24 hours.

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