Hopes Rising in Dogecoin! Is DOGE About to Explode?

On Friday, July 21st, Dogecoin (DOGE), the world’s largest meme coin, experienced a surprising price increase that caught the attention of the crypto world. The DOGE price rose by more than 10% during the day, breaking the $0.70 resistance level and reaching towards the psychological level of $0.80, pushing the price up to $0.076 at the time of writing.

As a result of this surge, the meme coin added approximately $1 billion to its market cap, increasing it from $9.67 billion to $10.66 billion. Following the impressive rally, DOGE joined the top 10 performing cryptocurrencies on daily charts. Currently, the meme coin ranks sixth, just behind Chainlink (LINK), Maker (MKR), XDC Network (XDC), Synthetix (SNX), and Stellar (XLM), surpassing Solana (SOL) and becoming the eighth-largest token by market cap.

Although the specific reason behind the recent DOGE rally is uncertain, some in the crypto community have associated it with rumors of the cryptocurrency’s presence in Tesla’s (NASDAQ: TSLA) website payment page source code. However, the electric vehicle (EV) giant seems to have kept the code despite removing the option for Tesla buyers to make payments with Bitcoin (BTC) in the past.