Dogecoin is Leading Meme Coin Frenzy

Dogecoin has surged in value, surpassing Cardano in market cap and price amid a frenzy of meme coin interest.

Dogecoin (DOGE) has captivated investors with an astounding increase in price, taking the lead in the meme coin frenzy that is now underway. Thanks to its recent price spike, the cryptocurrency has cemented its status as one of the meme coin market’s top gainers.

It has lately surpassed Cardano (ADA) in market cap and price, which has many people curious. This week, Dogecoin’s value skyrocketed; therefore, let’s investigate why.

In the Midst of the Meme Coin Craze, Why Is Dogecoin King?

Last week, the crypto market as a whole experienced turbulent trading as a result of various looming worries. Investor confidence has taken a hit due to a number of factors, including the large withdrawal from the U.S. Spot Bitcoin ETF and the SEC’s probe into Ethereum’s securities status.

Still, Dogecoin’s upward momentum throughout the week belies the growing confidence of investors, even though a number of worries remain. The DOGE price rally could have a myriad of causes, but we’ll focus on the most important ones.

Coinbase has announced the Dogecoin Futures Listing

On March 7, the renowned cryptocurrency exchange Coinbase submitted an application to the Commodity Futures Trading Commission (CFTC) to launch DOGE, Litecoin, and Bitcoin Cash cash-settled futures. This development has sparked hope, especially among Dogecoin fans, who point to the cryptocurrency’s enduring appeal.

Coinbase, meanwhile, emphasizes Doge’s enduring popularity, attributing the cryptocurrency’s meteoric rise from meme to industry mainstay to the fact that it has helped restore faith in the market. Aiming to establish DOGE futures and other contracts by April 1 is noteworthy; it highlights the increasing confidence in Doge’s status.

The Latest Remark from Elon Musk

The crypto market is buzzing with Elon Musk’s latest statement, in which he implied that Dogecoin could be a payment option for Tesla automobiles. Musk owns both Tesla and X. CoinGape Media reported Musk’s comment in mid-March, and since then, investors have been filled with anticipation and conjecture.

Elon Musk, meanwhile, is well-known for his support of memecoin and has already advocated it. When the wealthiest guy in the world shows interest in Dogecoin, it could mean a lot of people start using it, which would be great for the cryptocurrency’s standing in the market.

Acquiring Additional Payment Licenses in the United States

Insiders have revealed that X Payments, headed by Elon Musk, has acquired three more money transmitter licenses in different US states this week. With 22 states under its license, X Payments plans to launch its payment functionality this year.

While speaking with Ark Invest CEO Cathie Wood, Musk had earlier mentioned the middle of 2024 as the possible launch date for payment functionality. But as a result of Musk’s influence, the price of Dogecoin skyrocketed after the latest statement. Speculation also surrounds the possibility of Dogecoin becoming a payment option on X, which would be a significant milestone for the cryptocurrency.

Soaring Whale Activity

Following the announcement of substantial whale activity by renowned crypto analyst Ali Martinez, the price of Dogecoin began to rise sharply. Dogecoin whales spent almost $3.75 million (or 25 million DOGE) in just 72 hours, as Martinez pointed out on March 21.

Also adding to Doge’s rising trend are these large purchases, which show that investors are becoming more confident in the cryptocurrency. Positive events and whale moves have increased attention and driven Dogecoin’s value in the cryptocurrency market.

The conclusion

The recent surge in Doge’s open interest (OI) suggests a positive sentiment. Data from CoinGlass shows that Dogecoin OI has jumped by an impressive 11.69% in the last 24 hours, reaching $1.35 billion, indicating a surge in market demand.

Over the past day, leading cryptocurrency exchanges such as Binance and Bybit have seen significant increases in OI, with increases of 11.96% and 11.03%, respectively. Even though joke currencies are notoriously difficult to trade, the dramatic increase in Dogecoin’s price over the last week shows that investors are becoming more bullish on this market leader.