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Dogecoin soars 38% as renewed interest propels it multi-year high

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Bitcoin’s recent surge toward an all-time high near $90,000 has drawn renewed interest in the broader crypto market. Thanks to its increase to a three-year high, Dogecoin also emerged as a standout performer.

Data from CryptoSlate shows that Dogecoin has jumped by nearly 38% in the past 24 hours, climbing to a year-to-date high of $0.44, before retracing slightly along with Bitcoin. This surge marks Dogecoin’s most robust price performance since Elon Musk—dubbed the “Dogefather”—highlighted it during his Saturday Night Live appearance in May 2021.

Thanks to this rise, Dogecoin is now the sixth largest crypto asset by market cap, with a valuation of more than $53 billion. For context, this market cap places it ahead of well-known corporations like Nasdaq, Cummins, and Ford.

What’s driving Dogecoin’s rally?

Dogecoin’s rally appears to be fueled by current market optimism and Musk’s association with the memecoin.

In October, Musk proposed creating a “Department of Government Efficiency” (DOGE) to optimize government spending under President Donald Trump’s administration. This playful acronym sparked fresh anticipation and attention among traders, driving Dogecoin further into the mainstream spotlight.

On-chain data supports the idea of increased retail activity. Crypto intelligence firm Santiment reports that over the past month, approximately 74,885 new wallets holding less than 100,000 DOGE have been created. It furthered that wallets held by larger investors—known as “sharks” and “whales”—have declined by a net 350 during this period.

Meanwhile, Santiment noted that an uptick of 108 larger wallets in the last few days likely helped propel Dogecoin’s recent price rally.

IntoTheBlock, another blockchain analysis firm, observed similar trends. The firm noted that Dogecoin processed over six million transactions last week—the highest since February. This uptick suggests that retail interest in Dogecoin is reviving, reinforcing the momentum in the memecoin market.

Growing institutional interest

While retail investors may be driving this rally, institutional players are also showing signs of engagement with Dogecoin.

On Nov. 5, Canadian firm Spirit Blockchain Capital acquired Dogecoin Holdings, gaining access to critical assets—including intellectual property, an ETF platform, a Dogecoin payment gateway under development, and a cash reserve of $383,000.

Through this move, Spirit Blockchain aims to launch new products and support the memecoin’s broader adoption, signaling a potential shift in how institutions view the asset.

Additionally, some market analysts speculate that the rising interest in crypto could lead to a DOGE-related exchange-traded fund (ETF) as early as next year, signaling growing institutional recognition of the asset.

The post Dogecoin soars 38% as renewed interest propels it multi-year high appeared first on CryptoSlate.

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