DOGE’s rise prompts BONK and FLOKI meme coins to soar
Dogecoin has experienced a surge in price, reaching its highest level since December 2021, as investor sentiment remains bullish. According to data from CoinMarketCap, DOGE has jumped over 16% in the last 24 hours, reaching $0.2175. This level of growth hasn’t been seen in over two years since the 2021 bull market.
CoinMarketCap data also shows that the trading volume of DOGE has increased to $6.16 billion in the past 24 hours, compared to an average of $3 billion earlier in the week. Despite overall cryptocurrency volumes remaining subdued with slight volatility, DOGE’s rise has been notable.
The rise of DOGE coincided with Bitcoin stabilizing above $70,000. Furthermore, Dogecoin tends to respond to payment-related changes in companies owned by Elon Musk, such as X or Tesla. Reports suggest that prominent members of the Dogecoin community have speculated about the potential use of the token on the social platform X, which has likely fueled trading interest.
The Dogecoin developer has also mentioned that earlier this month, Musk stated that X was very close to obtaining a money transmitter license in California.
In addition to the DOGE rally, other meme tokens have experienced significant growth. Bonk (BONK) and Floki (FLOKI) have entered the top three gainers in the past 24 hours, increasing by 15% and 13.7% respectively.
Meanwhile, the meme coin Dogwifhat (WIF) has skyrocketed by approximately 4,000% since its launch in December 2023. This has led to more market participants getting involved in speculative token trading on the Solana network.
Financial applications on the Solana network have surpassed their counterparts in the Ethereum ecosystem in terms of turnover. This is largely due to the hype surrounding meme coins, as thousands of new tokens are being introduced on the Solana blockchain every day. The prices of some of these tokens are inflated by speculators multiple times.
In related news, a trader recently lost $46k in just 3 minutes due to the volatility of a Solana meme coin.
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