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

Dog surge!

Due to this surge, the meme coin’s market cap increased by about $1 billion, from $9.67 billion to $10.66 billion. After the impressive rally, DOGE has made it to the top 10 performing cryptocurrencies on the daily chart. Currently, the meme coin ranks sixth, behind Chainlink (LINK), Maker (MKR), XDC Network (XDC), Synthetix (SNX), and Stellar (XLM), surpassing Solana (SOL) to become the eighth largest coin by market cap.

While the exact reasons behind DOGE’s recent rally remain unclear, some in the cryptocurrency community have linked it to rumors of the presence of cryptocurrency in the source code of the Tesla (NASDAQ: TSLA) website payment page. However, despite removing the option for Tesla buyers to pay with Bitcoin (BTC) in the past, the electric vehicle (EV) giant appears to have retained the code.

Dog's expectations!

In the latest development, a well-known cryptocurrency journalist tweeted on July 21 that Tesla had removed "Bitcoin" from its source code, but not "Dogecoin." The move may have sparked speculation among Dogecoin enthusiasts and investors, leading to significant growth in the world's most popular meme coin. Experts predicted a price surge earlier this week.