By 11:15 a.m. ET, meme coin enthusiasts are celebrating a notable rally in Dogecoin ( DOGE 5.73%), as the dog-themed cryptocurrency has jumped 4.2% in the last 24 hours. This uptick stands out, especially since the broader market cap-weighted crypto index has only climbed 1.6% today, with Dogecoin playing a major role in this overall gain.
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With leading cryptocurrencies like Bitcoin ( BTC 1.18%) recently reaching record highs, the current market climate is favorable for tokens such as DOGE to keep gaining momentum. Although some optimistic traders are targeting the $0.30 mark, DOGE’s current price just below $0.27 keeps the excitement high for those speculating on its next move.
What factors are influencing Dogecoin’s price today?
It’s worth noting that Dogecoin’s latest price surge appears to closely mirror the growth in its total value locked (TVL), even if the fundamentals are somewhat loosely defined. Data from Defillama shows that, over the past day, Dogecoin’s TVL—the total amount of crypto secured in its ecosystem—has increased by 3.6%. Combined with steady figures for liquidations and futures flows, this points to a stronger buying interest in Dogecoin at the moment.
Additionally, when major holders, often referred to as whales, ramp up their purchasing activity, it tends to draw attention from the market. Reports of unusually large buys—around 30 million tokens in the last 24 hours—by these whales indicate that the positive momentum seen elsewhere in crypto could soon spill over into Dogecoin as well.
And as seasoned investors know, when Dogecoin starts to rally, it can often lead to the kind of rapid short-term gains that have been seen in the past.
