Dogecoin Price Surpasses US$ 0.20, Market Cap Approaches US$ 30 Billion

According to CryptoPotato, the price of Dogecoin has surpassed the US$ 0.20 mark for the first time since December 2021, with its market capitalization approaching US$ 30 billion. The meme coin's recent rally has been driven by increased trading volume and active addresses, as well as speculative moves by whales and endorsements from public figures like Elon Musk. As a result, Dogecoin is now the ninth largest cryptocurrency.

Key indicators related to the Dogecoin ecosystem also showed significant growth. Data from IntoTheBlock reveals that aggregate daily volume, with transactions exceeding US$ 100,000, has increased by almost 100%. Additionally, daily active addresses increased by 13%. Data from CoinGecko indicates that Dogecoin's trading volume in the last 24 hours reached US$ 5.5 billion, surpassing Solana's SOL (US$ 4.1 billion) and Ripple's XRP (US$ 1.9 billion).

The recent rally coincides with a slight resurgence in the cryptocurrency market and an increase in whale activity. A mysterious person or entity recently transferred over 1 billion DOGE, worth over US$ 200 million at current rates, to an unknown wallet. This move sparked speculation within the crypto community, with some suggesting the whale could be Tesla CEO Elon Musk, a known supporter of Dogecoin. Musk had previously suggested that Tesla could accept DOGE as a payment method in the future and pledged to continue supporting the token.