Dogecoin soared by 40%, leading the surge of the entire meme coin market!

Indra55

With Bitcoin breaking through $64,000, the entire cryptocurrency market is experiencing a comprehensive surge. Among the top 50 cryptocurrencies by market capitalization, the most remarkable gain is seen in the original meme coin, Dogecoin ($DOGE). According to CoinGecko data, Dogecoin, which started at less than $0.1, suddenly surged to over $0.13 yesterday, reaching as high as $0.1335, marking a new high since October 2022.

Dogecoin has surged by 39.1%, pushing its market capitalization beyond $19 billion, securing its position as the 10th largest cryptocurrency by market value. It has even surpassed AVAX in the 11th position by a whopping $30 billion. The significant fluctuation in Dogecoin's value has triggered a substantial amount of liquidation activity in the market. According to data, Dogecoin's liquidation amount reached $50.1 million in the past 24 hours, ranking just behind Bitcoin and Ethereum, highlighting the market's high attention and active trading of Dogecoin.

In addition to Dogecoin's standout performance, meme coins from various public chains have also shown a trend of skyrocketing values. For instance, Shiba Inu (SHIB) on Ethereum has surged by 32.7%, entering the top 20 coins by market capitalization. Meme coin BONK on Solana has seen an astonishing increase of 50.9%, while Husky Avax on Avalanche has risen by 33.8%.

Dogecoin, as a representative of meme coins, has a story behind it that is both humorous and mysterious. Created in 2013, Dogecoin initially started as a light-hearted and entertaining spoof of the serious and speculative cryptocurrency market prevailing at that time. However, with multiple mentions and endorsements from Tesla CEO Elon Musk, who announced Tesla's acceptance of Dogecoin payments and incorporated it into various projects, the popularity and price of Dogecoin began to soar.

Musk's continuous support for Dogecoin on social media, his announcement of SpaceX accepting Dogecoin for certain goods and services, and the naming of its satellite launch program as "Doge-1" further fueled the frenzy around Dogecoin. Musk has revealed that he still holds a significant amount of Dogecoin and has never sold any, stating that it is his favorite cryptocurrency. Therefore, the rise of Dogecoin is closely tied to Musk's ongoing support.

Iti9

The enthusiasm is still very high.

Jafar224

It has also seen a considerable increase in price.