Dogecoin’s price has surged to its highest level since December 2021, reflecting positive investor sentiment. The popular cryptocurrency, DOGE, has experienced a more than 16% increase in value over the past 24 hours, reaching $0.2175, according to CoinMarketCap data. This level of growth has not been seen in over two years, dating back to the 2021 bull market.
CoinMarketCap data also reveals that DOGE’s trading volume has spiked to $6.16 billion in the last 24 hours, up from an average of $3 billion earlier in the week. This surge comes at a time when overall cryptocurrency trading volumes have been relatively subdued, with some minor fluctuations.
The rise of DOGE coincided with Bitcoin (BTC) maintaining its position above $70,000. Additionally, Dogecoin often reacts to any payment-related updates from companies owned by Elon Musk, such as X or Tesla. Reports suggest that key figures in the Dogecoin community have discussed the potential use of the token on the social platform X, which has likely contributed to increased trading activity.
In recent developments, the Dogecoin developer mentioned that Musk had indicated that X was close to obtaining a money transmitter license in California earlier this month.
Alongside the DOGE rally, other meme tokens have also seen significant growth. Tokens like Bonk (BONK) and Floki (FLOKI) have emerged as the top three gainers in the past 24 hours, with increases of 15% and 13.7% respectively.
Furthermore, the meme coin Dogwifhat (WIF) has skyrocketed by approximately 4,000% since its inception in December 2023, attracting more traders to the speculative token trading scene on Solana. Financial applications on the Solana network have outperformed those on the Ethereum ecosystem in terms of turnover, driven by the buzz surrounding meme coins. The Solana blockchain sees the creation of thousands of new tokens daily, some of which experience inflated prices due to speculative trading activities.