The latest price of Dogecoin at 12:00 on November 5, 2024

(24-hour Dogecoin price trend)

Dogecoin's (DOGE) Price Surge Continues

As of November 5, 2024, 12 PM, Dogecoin (DOGE) stands at $0.16160433486762, representing a surge of 6.37252674% in the past 24 hours. The total 24-hour trading volume for DOGE is a substantial $2792781678.5823.

Dogecoin's positive momentum is reflected in its market capitalization, which currently stands at $23700773196.111. This places DOGE among the top cryptocurrencies by market capitalization.

Supply and Distribution

The circulating supply of DOGE is approximately 146659266383.71, while the maximum supply and total supply remain indeterminate. This unique supply characteristic distinguishes DOGE from many other cryptocurrencies.

Factors Driving DOGE's Price Increase

Several factors have contributed to DOGE's recent price increase:

• Elon Musk's Support: Dogecoin has gained widespread recognition and support from Tesla and SpaceX CEO Elon Musk, who has repeatedly tweeted and endorsed the cryptocurrency.
• Community Engagement: The DOGE community remains highly active and engaged, promoting the coin through social media and online forums.
• Increased Adoption: Dogecoin's growing acceptance as a form of payment by businesses and individuals has boosted its demand.
• Speculative Trading: A significant portion of DOGE's price fluctuations is attributed to speculative trading, with traders seeking quick profits.

Cautions for Investors

While DOGE's price surge is encouraging, investors are advised to exercise caution and conduct thorough research before investing. Cryptocurrencies are highly volatile, and their prices can fluctuate significantly over time. Investors should consider their risk tolerance and invest only what they can afford to lose.