The well-known meme coin Dogecoin had an unexpected 30% surge in value over the course of the previous day, peaking at $0.13 and now trading at $0.12, increasing its market capitalization to $17.78 billion.
The rise was tied to strong market sentiment surrounding Dogecoin, which outperformed the larger market, and was bolstered by Ferrari’s decision to accept Dogecoin for sales. Dogecoin futures hit an all-time high, up 40%, while open interest reached a record $1 billion.
On February 29, Whale Alert recorded a transfer of 761.2 million DOGE, when Dogecoin trading was above $0.1. The two large transactions, one a 66 million DOGE transfer worth $7.19 million to Binance and the other a 500 million DOGE transfer ($53 million) to Robinhood, elicited conflicting reactions.
Following the increase, Dogecoin jumped from tenth to ninth place in CoinMarketCap’s worldwide market capitalization rankings. Its price increased by 31%, topping $0.13, with a 259% increase in trading volume, followed by a 32% increase in market capitalization to more than 18.7 billion dollars.
Dogecoin, Shiba Inu, and Bonk added $8.28 billion apiece in one day, totaling $34.32 billion. Dogecoin, which is approaching $0.13, increased by 29.9% in a single day and 52.3% in a week, for a total of 24.7% gain in meme coins.
Even with this progress, the RSI is oversold, indicating a possible trend reversal. Dogecoin developers published version 1.14.7, which improved security and added Ordinals to the blockchain.
Sectoral transactions totaled $13.24 billion in 24 hours, showing a significant return. Despite the uncertainties, Shiba Inu-themed meme coins have made a stunning rebound in the last seven days.
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