Against the backdrop of Bitcoin’s recent surge to $64,000, the original meme coin, Dogecoin, has shown outstanding performance. In the past 24 hours, Dogecoin’s price has soared nearly 40%, with a market capitalization exceeding $19 billion, driving up the prices of various meme coins on different blockchains.
Dogecoin’s price surge
In the past 24 hours, Dogecoin’s price has surged by almost 40%. According to CoinGecko data, Dogecoin has risen from less than $0.1 on the previous day to over $0.13 today, reaching a high of $0.1335, the highest since October 2022. With this surge, Dogecoin’s market capitalization has surpassed $19 billion, making it the 10th largest cryptocurrency by market value, surpassing AVAX, which ranks 11th with a market capitalization of $3 billion. The significant volatility of Dogecoin has also led to a large amount of liquidation in the market. According to Coinglass data, the liquidation amount of Dogecoin in the past 24 hours reached $50.1 million, second only to Bitcoin and Ethereum.
Surge of meme coins on different blockchains
Possibly influenced by the surge of Dogecoin, meme coins on various blockchains have also experienced significant increases in value. SHIB, the meme coin on the Shiba Inu chain, has surged by 32.7% and entered the top 20 cryptocurrencies by market capitalization. BONK, the meme coin on the Solana chain, has seen an astonishing increase of 50.9%. Husky Avax, on the Avalanche chain, has also risen by 33.8%.
How Dogecoin climbed to the throne of meme coins
Dogecoin, based on internet jokes and popular culture, was created in 2013 by Billy Markus and Jackson Palmer. Initially, it was a lighthearted and satirical response to the serious and speculative cryptocurrency market at that time. However, after Tesla CEO Elon Musk mentioned Dogecoin multiple times on Twitter, its popularity and price began to rise. In early 2022, Musk announced that certain Tesla products would accept Dogecoin as a payment method, and the planned Supercharger station in Hollywood would also accept Dogecoin payments. This not only increased the utility of Dogecoin but also further improved its acceptance in mainstream society.
Following Tesla’s announcement, Musk quickly revealed that his space company, SpaceX, would also accept Dogecoin as payment for some goods and services. Even the satellite launch project was named “Doge-1” and funded by Dogecoin, further boosting the price and visibility of Dogecoin and its potential as a payment method and funding tool.
Since then, Musk has continued to show support for Dogecoin on social media. In a recent interview, he mentioned that he still holds a significant amount of Dogecoin and has not sold any because it is his favorite cryptocurrency. In conclusion, Dogecoin’s rise to the throne of meme coins is closely related to Musk’s enthusiastic support.
Additional reading:
Animal Crossing’s Bells Coin? Meme coin BEL briefly surges to $7.4, linked to Dogecoin’s predecessor
Related articles:
How did Dogecoin reach the moon and become the king of meme coins after a decade?
Happy 10th Anniversary, Dogecoin! DOGE surges over 20% and surpasses $0.1, reclaiming its position as the 9th largest cryptocurrency
Musk denies pumping coins! Calls Dogecoin investors “money-grabbing losers” and seeks dismissal of DOGE class-action lawsuit.