Against the backdrop of Bitcoin surpassing $64,000 today, the original meme coin, Dogecoin, has performed exceptionally well. In the past 24 hours, the price of Dogecoin has surged nearly 40%, with a market capitalization exceeding $19 billion, driving up the prices of various dog-themed meme coins on different blockchains.
Amidst Bitcoin’s strong breakthrough of $64,000, the entire cryptocurrency market has experienced a widespread surge. Among the top 50 cryptocurrencies by market capitalization, the most notable increase belongs to Dogecoin ($DOGE), the progenitor of meme coins.
According to data from CoinGecko, Dogecoin has risen from less than $0.1 on the previous day to over $0.13 today, reaching a high of $0.1335, a new high since October 2022. In the past 24 hours, Dogecoin has surged by 39.1%, surpassing a market capitalization of $19 billion, ranking 10th on the cryptocurrency market cap leaderboard, surpassing AVAX, the 11th, by $3 billion.
The volatility of Dogecoin has also triggered a significant amount of liquidation activities in the market. Coinglass data shows that in the past 24 hours, Dogecoin’s liquidation amount reached $50.1 million, second only to Bitcoin and Ethereum.
Possibly influenced by the surge of Dogecoin, dog-themed meme coins on different blockchains have also experienced significant increases. SHIB, a Shiba Inu coin, has surged by 32.7%, entering the top 20 cryptocurrencies by market capitalization. BONK, a meme coin on the Solana blockchain, has seen an astonishing surge of 50.9%. Husky Avax on Avalanche has also risen by 33.8%.
How did Dogecoin climb step by step to the throne of meme coins?
Dogecoin is a meme coin based on internet jokes or popular culture. It was founded in 2013 by Billy Markus and Jackson Palmer. Initially, it was created as a way to satirize and mock the seriousness and speculative nature of the cryptocurrency market at the time.
However, after Tesla CEO Elon Musk mentioned Dogecoin multiple times on Twitter, the popularity and price of Dogecoin began to rise. In early 2022, Musk announced that certain Tesla products would accept Dogecoin as a payment method, and the supercharging station being built by Tesla in Hollywood would also allow Dogecoin payments. This not only increased the utility of Dogecoin but also further enhanced its acceptance in mainstream society.
Following Tesla’s announcement, Musk quickly announced that his aerospace company, SpaceX, would also accept Dogecoin as payment for some goods and services. Even his satellite launch program was named “Doge-1” and funded by Dogecoin, further stimulating the price and popularity of Dogecoin, as well as its potential as a means of payment and funding tool.
Since then, Musk has continued to support Dogecoin on social media. In a recent X Space event in mid-January, he revealed that he still holds a large amount of Dogecoin and has not sold any, as it is his favorite cryptocurrency. In conclusion, Dogecoin’s rise to the throne of meme coins is closely related to Musk’s enthusiastic support.
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