Dogecoin’s 11% Surge: A Memecoin Revival Sparks Enthusiasm

Have you followed the latest buzz around Bitcoin? The well-known meme coin Dogecoin (DOGE), which had a price surge of 11% in a single day, has made a comeback. The unexpected resurgence of interest in meme coins aligns with this unexpected return, suggesting a potential revolution in the cryptocurrency space. Let’s dig into the details to find out what is driving Dogecoin’s recent bull market rally.

What Triggered Dogecoin’s Bullish Rally?

After the revelation on July 20 about X Payments accounts, there has been a noticeable surge in bullish activity on Dogecoin. Memecoin, which is now trading at $0.08818, has risen 11.13% in the past day, generating positive energy.

Is Trading Volume the Catalyst?

A review of the on-chain information reveals that one of the main drivers of Dogecoin’s resurgence is a staggering 289.72% increase in trading volume. The outstanding total volume of DOGE exchanged today, $1,303,078,319, shows a significant rise in less than a day.

Dogecoin’s Journey as the Underdog

Within the meme coin space, tokens from the Solana ecosystem momentarily eclipsed Dogecoin in importance. Despite seeing a modest increase of 14.71% over the preceding six months, Dogecoin faced intense competition from its rivals. Interestingly, BONK managed to rise by an astounding 3,437% within the same period.

Whale Activity and Network Spotlight

The network’s heightened whale activity aligns with Dogecoin’s current bullish outlook. According to IntoTheBlock data, the meme coin’s whale volume has surged by 21.25%, reaching an astounding $1.21 billion. This rebirth puts Dogecoin ahead in the competition, particularly when compared to Ethereum and Bitcoin, which have suffered declines in the growth of large transactions.

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