TL;DR

Dogecoins price surged past $0.20, with market cap nearing $30 billion, driven by increased trading volume and active addresses. The rally coincides with speculative whale movements and endorsements from public figures like Elon Musk. Dogecoin (DOGE) often cited as the first meme coin currently stands out as one of the markets best performers.

Its price has spiked by over 30% on a weekly scale, surpassing the $0.20 mark for the first time since December 2021. DOGEs market capitalization inches toward the $30 billion level, making it the ninth biggest cryptocurrency.

DOGE Price, Source: CoinGecko Key indicators related to the assets ecosystem have taken off, too. According to IntoTheBlock, aggregated daily volume (where each transaction is larger than $100K) has jumped by nearly 100%. Daily active addresses are also on the rise, registering a 13% increase.

DOGE trading volume for the past 24 hours has been impressive. CoinGeckos data shows that the figure has climbed to $5.5 billion, thus surpassing Solanas SOL ($4.1 billion) and Ripples XRP ($1.9 billion).

Dogecoins latest rally coincides with a slight resurgence of the cryptocurrency market and increased activity from whales. As CryptoPotato reported, a mysterious person (or entity) recently transferred more than 1 billion DOGE (worth over $200 million at current rates) to an unknown wallet. 

The move triggered speculation within the crypto community, with many members trying to guess who this whale might be. Some suggestions even pointed out to Teslas CEO Elon Musk, an outspoken proponent of the memecoin and a HODLer.

Not long ago, the worlds richest man said the EV giant may accept DOGE as a payment method at some point. Musk also promised to continue supporting the token, adding Dogecoin to the moon.