Why is Dogecoin up by 16% Today?

Vignesh Karunanidhi
Why is Dogecoin Up By 16% Today?

The price of the popular meme-inspired cryptocurrency Dogecoin surged over 16% in the last 24 hours. The price of DOGE reached above $0.10, a rare event that happened in 2023. This double-digit rise comes as Dogecoin marks its 10th birthday on December 6, 2023.

Launched on December 6, 2013 as somewhat of a joke referencing the viral “doge” meme, Dogecoin has defied critics and grown into one of the top digital currencies over the past decade. Created by software engineers Billy Markus and Jackson Palmer, the token features the iconic Shiba Inu “doge” as its mascot.

Dogecoin powers through the $0.10 level

Its current price sits around $0.1021 at the time of writing and is up by 15% in the last 24 hours. Nevertheless, DOGE is still far below its all-time high above $0.7376 in May 2021. CoinMarketCap data shows that DOGE has a 24-hour trading volume of $2.11 billion.

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This surge also lifts Dogecoin to the ninth largest coin by its $14.4 billion market cap. It again solidifies itself as the largest meme coin on the market after falling behind newcomers like Pepe Coin and Shiba Inu.

Dogecoin’s gains mirror a broader altcoin and meme coin rally today, with Shiba Inu, PEPE, and Bonk Token also posting double-digit 24-hour rises. 

Also read: Why is Bitcoin (BTC) Rising Today? Explained

A large driver seems to be Dogecoin supporters and speculators piling in to celebrate its tenth birthday. The meme currency also maintains a robust online community, with Elon Musk touting DOGE as his favorite cryptocurrency.