The price of Dogecoin has reached its highest since December 2021 amid bullish investor sentiment.
DOGE jumped more than 16% in the last 24 hours to reach $0.2175, according to data from CoinMarketCap. The last time such dynamics were observed was over two years ago during the 2021 bull market.
Data shows DOGE trading volume rose to $6.16 billion over the past 24 hours, up from an average of $3 billion earlier in the week, even as broader cryptocurrency volumes remained subdued amid slight volatility.
DOGE’s rise followed shortly after Bitcoin (BTC) stabilized above $70,000. Additionally, Dogecoin tends to respond to payment-related changes in any Elon Musk-owned company, such as X or Tesla. In several reports, prominent members of the Dogecoin community have speculated on X about using the token on the social platform, likely fueling trading interest.
The Dogecoin developer also said that earlier this month, Musk said that X was very close to receiving a money transmitter license in California.
Amid the DOGE rally, other meme tokens also showed significant growth — Bonk (BONK) and Floki (FLOKI) entered the top three gainers over the past 24 hours, increasing by 15% and 13.7%, respectively.
With the Dogwifhat (WIF) meme coin skyrocketing by approximately 4,000% since its inception in December 2023, more market participants are getting involved in speculative token trading on Solana.
Financial applications on the Solana network have also surpassed their counterparts in the Ethereum ecosystem in terms of turnover. The reason was the hype around the meme coins, as thousands of new tokens appear on the Solana blockchain every day, the price of some of which is inflated by speculators several times.