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The price of Dogecoin has surged to its highest level since December 2021, driven by bullish investor sentiment.
DOGE surged over 16% in the past 24 hours, reaching $0.2175, as reported by CoinMarketCap. This marks the highest level observed in over two years, reminiscent of the 2021 bull market.
Data indicates that DOGE’s trading volume soared to $6.16 billion in the past 24 hours, up from an average of $3 billion earlier in the week, despite overall cryptocurrency volumes experiencing slight volatility.
DOGE’s rally closely followed Bitcoin (BTC) stabilizing above $70,000. Moreover, Dogecoin typically responds to payment-related developments within any Elon Musk-owned company, such as X or Tesla. Reports suggest that notable members of the Dogecoin community have speculated on X about the token’s potential integration into the social platform, likely fueling trading activity.
Alongside DOGE’s surge, other meme tokens also witnessed significant growth—Bonk (BONK) and Floki (FLOKI) emerged as the top three gainers in the past 24 hours, rising by 15% and 13.7%, respectively.
Meanwhile, the Dogwifhat (WIF) meme coin has experienced an astonishing surge of approximately 4,000% since its launch in December 2023, attracting more market participants to engage in speculative token trading on Solana.
Financial applications on the Solana network have surpassed those on the Ethereum ecosystem in terms of turnover. This surge can be attributed to the hype surrounding meme coins, with thousands of new tokens appearing on the Solana blockchain daily, some of which experience inflated prices due to speculation.
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