- In less than 48 hours, DOGE’s transaction volume increased to $9.2 billion.
- Given the approaching Coinbase futures listing on April 1st, Dogecoin might be due for another surge.
- DOGE reached $0.22, a level not surpassed since 2021.
Dogecoin, the most valuable meme token according to market cap, increased by 18% on Thursday, reaching $0.22 per coin—a level that has not been breached since 2021.
The pioneering meme coin is back in control as Dogecoin soars 43.3% against the US dollar in just 7 days.
As of March 28, 2024, Dogecoin (DOGE) has seen a significant upturn against the US dollar. Over the course of the previous week, DOGE saw a notable increase in value of 43.3% relative to the dollar, with a substantial trading volume of $6.8 billion in a single day. DOGE’s market capitalization has increased to more than $31.4 billion following its rise to $0.22.
Dogecoin: 24 hrs price chart. Pic Credit: Trading View
The cryptocurrency now stands as the eighth largest by market capitalization thanks to this gain. Furthermore, in the past 24 hours, this increase has led to the liquidation of $18.76 million in short dogecoin positions. The most traded dogecoin pairs on Thursday were BTC, USD, KRW, FDUSD, and USDT.
Several social media posts from well-known members of the Dogecoin community made assumptions about the token’s potential use on X, which probably stoked traders’ curiosity.
Following a significant price explosion that saw the meme coin rising continuously for a day, Dogecoin has once again shown bullish momentum.
This increase comes after a month-long rally that was sparked by Bitcoin’s rise to record highs, during which Dogecoin increased by 111% in the last 30 days. It is clear that Dogecoin and Bitcoin’s price swings are closely related.
Given his support for the token, there have been rumors regarding its use on X ever since Musk acquired the business in 2021. Since 2021, DOGE payments have been accepted at Tesla, Musk’s electric vehicle company.
According to DOGE’s on-chain statistics, the number of wallet addresses on its blockchain has increased to 6.27 million, which is in line with the company’s price growth. This might be related to the release of GigaWallet v1.0 by the Dogecoin Foundation, which would let companies accept Dogecoin payments via API integration.
Investor attention has been focused mostly on the cryptocurrency space, particularly Bitcoin ETFs, which has added to the market dynamics. Crypto market capitalization reached over $1.4 trillion after a significant market boom sparked by the launch of Bitcoin ETFs earlier this year. Big businesses have taken notice of this increase.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
