According to CryptoPotato, Dogecoin's price has surged past the $0.20 mark for the first time since December 2021, with its market capitalization nearing $30 billion. The meme coin's recent rally has been driven by increased trading volume and active addresses, as well as speculative whale movements and endorsements from public figures like Elon Musk. As a result, Dogecoin now ranks as the ninth largest cryptocurrency.
Key indicators related to Dogecoin's ecosystem have also shown significant growth. Data from IntoTheBlock reveals that aggregated daily volume, with transactions larger than $100,000, has jumped by nearly 100%. Additionally, daily active addresses have increased by 13%. CoinGecko's data indicates that Dogecoin's trading volume for the past 24 hours reached $5.5 billion, surpassing Solana's SOL ($4.1 billion) and Ripple's XRP ($1.9 billion).
The recent rally coincides with a slight resurgence in the cryptocurrency market and increased activity from whales. A mysterious person or entity recently transferred more than 1 billion DOGE, worth over $200 million at current rates, to an unknown wallet. This move sparked speculation within the crypto community, with some suggesting that the whale might be Tesla CEO Elon Musk, a known supporter of Dogecoin. Musk has previously hinted that Tesla may accept DOGE as a payment method in the future and has pledged to continue supporting the token.