Dogecoin soars 38% as renewed interest propels it multi-year high

Share This Post

Bitcoin’s recent surge toward an all-time high near $90,000 has drawn renewed interest in the broader crypto market. Thanks to its increase to a three-year high, Dogecoin also emerged as a standout performer.

Data from CryptoSlate shows that Dogecoin has jumped by nearly 38% in the past 24 hours, climbing to a year-to-date high of $0.44, before retracing slightly along with Bitcoin. This surge marks Dogecoin’s most robust price performance since Elon Musk—dubbed the “Dogefather”—highlighted it during his Saturday Night Live appearance in May 2021.

Thanks to this rise, Dogecoin is now the sixth largest crypto asset by market cap, with a valuation of more than $53 billion. For context, this market cap places it ahead of well-known corporations like Nasdaq, Cummins, and Ford.

What’s driving Dogecoin’s rally?

Dogecoin’s rally appears to be fueled by current market optimism and Musk’s association with the memecoin.

In October, Musk proposed creating a “Department of Government Efficiency” (DOGE) to optimize government spending under President Donald Trump’s administration. This playful acronym sparked fresh anticipation and attention among traders, driving Dogecoin further into the mainstream spotlight.

On-chain data supports the idea of increased retail activity. Crypto intelligence firm Santiment reports that over the past month, approximately 74,885 new wallets holding less than 100,000 DOGE have been created. It furthered that wallets held by larger investors—known as “sharks” and “whales”—have declined by a net 350 during this period.

Meanwhile, Santiment noted that an uptick of 108 larger wallets in the last few days likely helped propel Dogecoin’s recent price rally.

IntoTheBlock, another blockchain analysis firm, observed similar trends. The firm noted that Dogecoin processed over six million transactions last week—the highest since February. This uptick suggests that retail interest in Dogecoin is reviving, reinforcing the momentum in the memecoin market.

Growing institutional interest

While retail investors may be driving this rally, institutional players are also showing signs of engagement with Dogecoin.

On Nov. 5, Canadian firm Spirit Blockchain Capital acquired Dogecoin Holdings, gaining access to critical assets—including intellectual property, an ETF platform, a Dogecoin payment gateway under development, and a cash reserve of $383,000.

Through this move, Spirit Blockchain aims to launch new products and support the memecoin’s broader adoption, signaling a potential shift in how institutions view the asset.

Additionally, some market analysts speculate that the rising interest in crypto could lead to a DOGE-related exchange-traded fund (ETF) as early as next year, signaling growing institutional recognition of the asset.

The post Dogecoin soars 38% as renewed interest propels it multi-year high appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Ethereum Is Retesting A 5-Year Long Trendline – Massive Rally Incoming?

Ethereum is currently consolidating below the $2,000 mark, trading within a narrow range between $1,800 and $1,900 as market uncertainty persists Bulls have lost control, and speculation about a

Crypto․com Pushes Through 70 Billion CRO Re-Mint Despite Community Backlash

Cryptocom has greenlit the controversial re-minting of 70 billion CRO tokens, overriding widespread community opposition with a last-minute surge in validator votes controlled by the exchange

Will Bitcoin Dip to $78K? BlackRock’s $40M BTC Buy Raises Questions

The post Will Bitcoin Dip to $78K BlackRock’s $40M BTC Buy Raises Questions appeared first on Coinpedia Fintech News As Bitcoin (BTC) and the overall crypto market continue to confuse investors and

XRP, Cardano Command Inflows Amid Market Wide Selling – Here Are The Numbers

The entire crypto industry has had a recent few weeks of ugly price action and downtrend, a trend which has been reflected in crypto investment funds Notably, digital asset funds have witnessed their

Crypto Markets Stumble in Lockstep With Wall Street as $2.7T Ecosystem Shudders

Bitcoin and global cryptocurrency markets retreated in tandem with US equity benchmarks on Tuesday, as bearish sentiment gripped financial markets The digital asset ecosystem contracted by 189% over

Internet Computer Price Prediction 2025, 2026 – 2030: Will ICP Price Hit $20?

The post Internet Computer Price Prediction 2025, 2026 – 2030: Will ICP Price Hit $20 appeared first on Coinpedia Fintech News Story Highlights The live price of the ICP crypto is Internet