With bitcoin up 4.5% in the last day, the godfather of meme coins, dogecoin (DOGE), has risen over 20% in the same 24-hour period.

Dogecoin Frenzy: Huge 127% Monthly Profit Takes DOGE to the Top

Dogecoin is surging on Sunday morning at 9:44 AM EDT, rising 20.5% against the US dollar. The broader meme coin market has seen an 18.9% increase in the past 24 hours, now valued at over $90 billion according to coingecko.com. Dogecoin (DOGE) alone accounted for $36.17 billion of that this weekend, making it the seventh largest digital asset by market capitalization.

DOGE alone accounted for 40.19% of the entire meme coin market. It has increased by 69.2% in the past week and has impressively risen 127.8% against the dollar in the past 30 days. In the last 24 hours, DOGE recorded a global trading volume of $8.85 billion, ranking fifth in global trading volume. As of this moment, DOGE is trading at $0.239 per coin.

Currently, DOGE has a circulating supply of about 146,720,396,383, with 7,034,347 holders of this top meme coin. The top ten DOGE holders control 43.86% of the supply, while the top 100 command 64.69% of the circulating tokens. Miners are contributing 1.23 petahash per second (PH/s) to support the Dogecoin blockchain. Just last month, on October 16, 2024, at block height 5,422,073, the network reached a peak of 3.77 PH/s.

Dogecoin's latest surge highlights the ongoing excitement around meme coins in the cryptocurrency space. Over the past ten months, the enthusiasm and speculative fervor of the community have driven its notable gains. With a significant portion of the meme coin economy and strong trading volumes, DOGE illustrates the unique forces shaping these alternative assets, suggesting it may continue to be a formidable player in the evolving cryptocurrency market.

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