Key Reason Behind Dogecoin's Massive Price Surge

Dogecoin, the chief meme coin, has stolen the spotlight with a 10% price jump over the past 24 hours. 

After surpassing Cardano by market cap, the meme coin has now built a massive lead over the Ethereum competitor, holding the 9th spot on CoinMarketCap.

According to data provided by Santiment, dormant whales moving DOGE back into circulation are behind the significant price move. 

Notably, $5.5 million worth of Dogecoin shorts has been liquidated over the past 24 hours alone. 

According to data provided by IntotheBlock, 88% of Dogecoin holders are in the money at current prices. 

Last week, it was revealed that Dogecoin whales managed to snap up a shopping $280 million worth of DOGE in just two weeks. This preceded the substantial price surge that was observed at the end of the previous week. 

As reported by U.Today, it was crucial for Dogecoin to surpass the $0.20 level ahead of the monthly close. The meme coin managed to achieve this feat, printing a monthly close above $0.22. Now, according to some predictions, the most successful Bitcoin parody might be ready for further upside. However, its future price performance will, of course, depend on broader market conditions.     

Other meme coins

Dogecoin is one of the best-performing cryptocurrencies over the past week among the top cryptocurrencies. 

However, its performance pales in comparison to Solana-based meme coin dogwifhat (WIF), which managed to reach a new all-time high last week amid a surge in speculation. WIF is still up roughly 60% in just seven days despite giving up some gains.