The value of Dogecoin (DOGE), the most popular memecoin in circulation, has lately seen a meteoric rise in price. As of the time this article was written, it has increased by more than 140% in the last seven days and has increased by about 19% in the last 24 hours.
Not just DOGE, but the value of all tokens associated with it has skyrocketed as well. This took place nearly immediately after the most influential advocate of Dogecoin, Elon Musk, purchased the prominent social media network Twitter. Musk tweeted a photo that might suggest Twitter will integrate the memecoin.
As a result of this upward trend, Dogecoin (DOGE) has surpassed Solana (SOL) and Cardano (ADA) to become the eighth biggest cryptocurrency by market valuation. According to statistics provided by CoinMarketCap, the market capitalization of Dogecoin is over 19 billion dollars at the time of this writing.
Over the last week, the value of Shiba Inu (SHIB), the second-largest memecoin in the world, has also increased by more than 29%, and it has increased by 4.7% over the previous 24 hours. In the past seven days, the value of Floki Inu, another cryptocurrency tied to Dogecoin, has increased by more than 72 percent.
In addition, Dogecoin futures have seen erratic trading since Friday, which has resulted in liquidations totaling more than $89 million. Short traders, often known as those who bet against an increase in a token’s price, were responsible for around $52 million of those statistics.
In the previous 24 hours, Dogecoin has seen the biggest volume of trading of any cryptocurrency, totaling over $31 million. Even though ether and bitcoin futures typically generate the most money, they lost just $14 million and $12 million, respectively.
