The price of Dogecoin has reached its highest since December 2021 amid bullish investor sentiment.

DOGE jumped more than 16% in the last 24 hours to reach $0.2175, according to data from CoinMarketCap. The last time such dynamics were observed was over two years ago during the 2021 bull market.

Data shows DOGE trading volume rose to $6.16 billion over the past 24 hours, up from an average of $3 billion earlier in the week, even as broader cryptocurrency volumes remained subdued amid slight volatility.

DOGE’s rise followed shortly after Bitcoin (BTC) stabilized above $70,000. Additionally, Dogecoin tends to respond to payment-related changes in any Elon Musk-owned company, such as X or Tesla. In several reports, prominent members of the Dogecoin community have speculated on X about using the token on the social platform, likely fueling trading interest.

The Dogecoin developer also said that earlier this month, Musk said that X was very close to receiving a money transmitter license in California.

Amid the DOGE rally, other meme tokens also

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Author: Anna Kharton

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