The popular meme coin, Dogecoin, experienced a remarkable 30% surge in value in the last 24 hours, reaching over $0.13, currently trading at 0.12 leading to a market cap boost to $17.78 billion.
Whale Alert reported on Feb. 29 the movement of 761.2 million DOGE, at the time when Dogecoin trading was above $0.1. The two big transactions, one being a 66 million DOGE transfer worth $7.19 million to Binance, and the other being a 500 million DOGE sending ($53 million) to Robinhood, led to mixed reactions.
Following the surge, Dogecoin skyrocketed from the 10th to the 9th position in the global market cap ranking by CoinMarketCap. Its price rose by 31%, exceeding 0.13 dollars, with a 259% increase in trading volume, followed by a 32% increase in its market capitalization to over 18.7 billion dollars.
The rally was linked to the positive market sentiment around Dogecoin, which surpassed the broader market and was further supported by Ferrari’s move to accept Dogecoin for purchases. Dogecoin futures hit an all-time high with a 40% gain, and open interest surged to a record of $1 billion.
Even with this progress, the RSI being oversold indicates a potential trend reversal. Dogecoin developers released version 1.14.7, which was an improvement in terms of security as well as Ordinals on the blockchain.
In the meme coin sector, Dogecoin, Shiba Inu, and Bonk respectively, added $8.28 billion in one day, reaching a total value of $34.32 billion. Dogecoin, approaching the level of $0.13, jumped 29.9% in a day and 52.3% in a week, making the total 24.7% growth of the meme coins.
Sectoral transactions reached $13.24 billion in 24 hours, indicating a major comeback. Despite the uncertainty, Shiba Inu-themed meme coin assets have shown a remarkable recovery in the last seven days.
Also Read: Solana-Based BONK Experience Whopping 50% Surge in 24 Hours
