The latest price of Dogecoin at 04:00 on November 7, 2024

(24-hour Dogecoin price trend)

Dogecoin (DOGE) Surges by Over 17% in 24 Hours

As of November 7, 2024, 4:00 AM, Dogecoin (DOGE) is trading at $0.19713930129502. This represents a significant increase of 17.81633563% over the past 24 hours. The impressive surge has bolstered DOGE's market value, driving it towards the $3 billion mark.

The cryptocurrency's daily trading volume currently stands at $12011003437.955, indicating a high level of activity in the market. However, despite the recent rally, DOGE's market capitalization remains relatively stable at approximately $28916880906.507.

Circulating supply: 146682476383.71

Maximum supply: Unlimited

Total supply: 146682476383.71

Factors Contributing to the Surge

The exact reasons behind DOGE's sudden upswing are uncertain, but several factors may have played a role. These include:

• Elon Musk's influence: Elon Musk, the CEO of Tesla and SpaceX, has been a vocal supporter of Dogecoin, frequently tweeting about its potential. His unwavering backing has undoubtedly drawn attention to DOGE and may have influenced its price.
• Increased acceptance: DOGE's growing acceptance as a payment method is another factor that could be driving its popularity. Several businesses, including AMC Theatres and Tesla, now accept DOGE. This increased utility makes DOGE more appealing to a broader user base.
• Speculation and hype: Cryptocurrency markets are often fueled by speculation and hype, which may have also played a role in DOGE's recent surge. The combination of Musk's influence and the growing acceptance of DOGE has likely generated excitement among investors, leading to increased buying pressure.

Future Prospects

The future prospects of DOGE are difficult to predict accurately. However, the cryptocurrency has demonstrated resilience and a loyal following. The continued support from influential figures like Elon Musk and its increasing utility as a payment method may bode well for its long-term growth.

It's important to note that all investments carry risk, and it's always advisable to conduct thorough research before making any investment decisions.