Dogecoin (DOGE) saw a significant price jump today, March 28, climbing over 20% to reach $0.22. This is the highest price it has hit since November 2021, marking a notable moment for the cryptocurrency.
As of 7:00 PM UTC, Dogecoin's market cap has grown to $31.7 billion, with its trading volume surging by 65% to $6.28 billion. Despite this impressive growth, DOGE is still 70% below its all-time high of $0.7376 from May 8, 2021. However, it has made a strong recovery over the past year, rising over 200% from a low of $0.05747.
Over the past week, DOGE has risen by 48%, and it has doubled in price over the past month. This surge is partly due to the overall positive momentum in the cryptocurrency market, driven by Bitcoin's rally ahead of its fourth halving on April 20. Bitcoin recently passed the $70K mark, sparking renewed interest in other cryptocurrencies, including DOGE.
Elon Musk's continued support for Dogecoin, including hints it might be accepted for Tesla purchases and potential integration into the X Payments system on his social media platform X, has also fueled interest. Furthermore, the announcement that Coinbase will launch Dogecoin futures contracts on April 1 highlights the cryptocurrency's lasting popularity and community support. Coinbase's move reflects Dogecoin's transition from a meme to a significant player in the crypto world.
