Benzinga - by Mehab Qureshi, Benzinga Staff Writer.
Dogecoin (CRYPTO: DOGE) saw a 30% surge in the last 24 hours, trading at $0.13. This surge positioned it as the top performer among the top 100 cryptocurrencies, with its price soaring to the highest level since November 2022.
What Happened: Currently ranked as the 10th largest cryptocurrency, Dogecoin has a market capitalization of $18.3 billion, even briefly climbing to 9th place on Tuesday, eclipsing Avalanche (CRYPTO: AVAX).
This positioned DOGE ahead of several large companies in terms of market capitalization, including Michael Saylor's intelligence firm MicroStrategy and financial services company Robinhood.
MicroStrategy’s market cap is presently $16.34 billion, while Robinhood’s stands at $13.95 billion, data from Yahoo Finance indicates.
The company revealed its latest investment of an additional 3,000 Bitcoins valued at $155 million between February 15 and February 25. The company’s Bitcoin holdings are now approximately 193,000, valued at around $11 billion.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Saylor on X said that the average purchase price for the company is $31,544.
Bitcoin surged above $63,000 on Wednesday morning before a flash crash drove it back down near $60,000.
The level of open interest in Dogecoin futures has spiked more than 54% since Wednesday, hitting a new all-time high. This metric represents the total number of outstanding derivatives contracts that have not been settled, reaching $1 billion, according to data from Coinglas.
A surge in open interest indicates additional capital flowing into the market. Data from CoinGlass also reveals that 70% of traders are betting on a further increase in Dogecoin’s value, taking long positions in anticipation of the cryptocurrency’s rise.
Supporting DOGE’s growth is an 86% increase in new wallet addresses and a 37% boost in active addresses, suggesting an interest in the meme-coin, according to analytics from IntoTheBlock.
Price Action: At the time of writing, BTC was trading at $61,759, up 8.22% in the last 24 hours, according to Benzinga Pro.
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