The worth of Dogecoin has reached its highest since December 2021 amid bullish investor sentiment.
DOGE jumped greater than 16% within the final 24 hours to succeed in $0.2175, in keeping with information from CoinMarketCap. The final time such dynamics have been noticed was over two years in the past throughout the 2021 bull market.
Knowledge exhibits DOGE buying and selling quantity rose to $6.16 billion over the previous 24 hours, up from a mean of $3 billion earlier within the week, whilst broader cryptocurrency volumes remained subdued amid slight volatility.
DOGE’s rise adopted shortly after Bitcoin (BTC) stabilized above $70,000. Moreover, Dogecoin tends to reply to payment-related modifications in any Elon Musk-owned firm, equivalent to X or Tesla. In a number of experiences, outstanding members of the Dogecoin group have speculated on X about utilizing the token on the social platform, possible fueling buying and selling curiosity.
The Dogecoin developer additionally mentioned that earlier this month, Musk mentioned that X was very near receiving a cash transmitter license in California.
Amid the DOGE rally, different meme tokens additionally confirmed important progress — Bonk (BONK) and Floki (FLOKI) entered the highest three gainers over the previous 24 hours, growing by 15% and 13.7%, respectively.
With the Dogwifhat (WIF) meme coin skyrocketing by roughly 4,000% since its inception in December 2023, extra market members are getting concerned in speculative token buying and selling on Solana.
Monetary functions on the Solana community have additionally surpassed their counterparts within the Ethereum ecosystem by way of turnover. The explanation was the hype across the meme cash, as hundreds of recent tokens seem on the Solana blockchain each day, the value of a few of which is inflated by speculators a number of occasions.