Dogecoin Jumps 8% Overnight, Continuing Two-Week Rally

Dogecoin (DOGE) is up 7.7% over the past 24 hours, trading above its three-week high of $0.103 on Tuesday morning, according to data from CoinGecko.

The industry’s first and largest meme coin now boasts a market capitalization of over $14 billion—a hefty increase of roughly $1.5 billion since yesterday—and is also the best-performing digital asset among the top 10 largest cryptocurrencies on the day.

The latest price action comes in the wake of DOGE surging over 22.5% in a week’s time on Monday, most likely spurred by ongoing—yet unconfirmed—speculations that the meme coin could become part of Twitter’s potential plans for rolling out its own payment system.

At the time of writing, Dogecoin has spiked almost 38% over the week.

The latest spike in price comes amid continued turbulence in the crypto industry.

On Monday, BlockFi became the latest high-profile crypto firm to file for bankruptcy following the FTX collapse, with the company’s bankruptcy filing revealing it owes more than $1 billion to three of its largest creditors.

Elsewhere in the market, Bitcoin (BTC) is up 1.7% over the day, currently trading at about $16,500.

Ethereum rose 3.5% over the past 24 hours to the current price of $1,213, while Litecoin (LTC)—another one of the better-performing assets over the past week—moved up to 13th place in the rankings with a 6.6% jump over the span, trading at $76.69 at the time of this writing.