Dogecoin, a cryptocurrency created as a joke, has seen a 38% increase in value within the last 24 hours and is now worth more than $53 billion. This recent surge in popularity has pushed Dogecoin to the sixth largest crypto asset by market cap, surpassing the valuations of companies like Nasdaq, Cummins, and Ford.
Analysts attribute the increase in Dogecoin’s value to Elon Musk’s association with the memecoin and current market optimism. Additionally, on-chain data shows an uptick in retail activity with the creation of 74,885 new wallets holding less than 100,000 DOGE in the past month. Institutional interest is also growing, as seen in the acquisition of Dogecoin Holdings by Canadian firm Spirit Blockchain Capital.
